CBN reviews operations of indirect participants in payment system

The Central Bank of Nigeria (CBN) on Tuesday issued exposure draft on the regulation for the operations of indirect participants in the payments system.
The aim is to standardize the operation of Indirect Parcipants in the Payments System, given their critical role in driving Financial Inclusion and in consideration of their operational risk.

Indirect Participants in the Payments System constitutes Merchant Banks, Primary Mortgage Banks (PMB), Micro-Finance Banks(MFBs), Development Finance Institutions, Mobile Money Operators and any other financial institutions as may be approved by the CBN.

In a circular signed by Sam Okojere, director, payments system management department, the CBN expects comments from stakeholders to be forwarded hard copy to the department on or before November 26, 2018.