CBN Demands Daily Returns from Banks, Agents

budgetThe Central Bank of Nigeria, Abuja, Nigeria
  • CBN Demands Daily Returns from Banks, Agents

The Central Bank of Nigeria has demanded that banks that appoint/have agents, mobile money operators, and licensed super agents should render daily returns through the Nigeria Inter-Bank Settlement Scheme to it, in a bid to implement the Shared Agency Network Expansion Fund initiative.

The CBN said the daily returns would enable it to plot the growth and type of services being offered across the country.

The Director, Banking and Payments System Department, CBN, ‘Dipo Fatokun, in a circular issued to banks, mobile money operators, and super agents on Thursday, said the directive was in pursuant to the decision of the bankers’ committee to adopt and implement the SANEF initiative by the banking industry.

“The expansion fund is aimed at accelerating the bank’s financial inclusion programme. The bank hereby issues this regulatory requirement for data rendition for effective monitoring and evaluation purposes,” the circular said.

It added that regulatory requirement would take effect from July 10, 2018, and that the data must be made available to the NIBBS on a daily basis.

The CBN said failure of banks to comply with the directive might lead to revocation of their operating licences.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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