CBN Orders Banks To Render Data On Mobile Money Daily From July 10

CBN Orders Banks To Render Data On Mobile Money Daily From July 10

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Post Views: 116 In line with the decision of the Bankers’ Committee to implement the Shared Agency Network Expansion Fund initiative in the banking in...

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In line with the decision of the Bankers’ Committee to implement the Shared Agency Network Expansion Fund initiative in the banking industry, banks in the country that appoint agents, mobile money operators and licenced super agents, must render daily returns on their activities from Tuesday, July 10, 2018.

Such returns, according to a circular by the Central Bank of Nigeria (CBN), must be rendered through the mode and template prescribed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc to the CBN.

Such daily transaction data, according to a circular dated July 5, 2018, with reference number: BPS/DIR/GEN/CIR/05/009, signed by Dipo Fatokun, CBN’s Director, Banking & Payments System Department, will allow for plotting “the growth and type of services being offered across the country.”

The template requires that agent manager data requires such information as agent manager’s registered name, ID assigned by the NIBSS. Contact e-mail address and Bank Verification Number (BVN) and phone number of the principal official representing the agent manager. Others include the agent manager’s operational address, city, local government area and state, as well as the agent manager’s bank code.

The agent data collection template requires such additional information as information on agents’ operational address, agents full operational address, contact email address/phone number for agent, the GPS coordinates for Agents Operational Address (GPS Lat and Long).

The CBN warned “that failure to comply with this directive may lead to the revocation of the banking licence of any erring institution.

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