CBN tasks banks, payment providers on bulk payment disaggregation

The Central Bank of Nigeria (CBN) has directed commercial banks and Payment Service Providers (PSPs) to henceforth take steps to improve on all bulk payments and transfers systems to ensure transparency.

Mr Jimoh Musa, CBN’s Director, Payment System Management Department, gave the directive on Monday, in a memo addressed to banks and PSPs.

Musa urged the banks and PSPs to ensure that  such bulk payments and transfers were processed on the platforms of banks or PSPs for their customers with detailed breakdown of the receiving accounts.

“The CBN has noticed the inherent problems associated with the processing of bulk transfers by banks and PSPs.

“Currently, originating banks and PSPs pass a single debit entry through the initiating customers account and multiple entries to beneficiaries without adequate record of credit entry in their system.

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