CBN demands daily transaction data from banks
In a bid to ensure effective monitoring and evaluation of the banking industry, the Central Bank of Nigeria, CBN, has mandated all financial institutions to furnish it with their daily transaction data through the Nigeria Inter-Bank Settlement System, NIBSS.
The daily return is part of the NIBSS’ implementation of the shared agency network expansion fund initiative of the banking industry.
CBN in a circular to all banks, mobile money operators and super agents, said the data rendition will seek to plot the growth and type of services being offered across the country.
The circular reads in part, “All banks (including Microfinance Banks and Primary Mortgage Institutions) that appoint/have agents, Mobile Money Operators and Licensed Super Agents are hereby directed to render daily returns through the Nigeria Inter-Bank Settlement System, NIBSS, Plc, to the Central Bank of Nigeria, in the mode and template prescribed by NIBSS. The transaction data is required daily, so as to plot the growth and type of services being offered across the country.”
It said the daily data rendition takes effect from this week, with a warning that failure to comply with the directive could lead to the revocation of the institution’s operating licence.
The CBN earlier directed mobile money operators and other payment service providers to collect and remit 0.005 percent levy on all electronic transactions by the business specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc) Act 2015.
A circular from the apex bank states that the mandate on compliance with the collection and remittance of the levy is pursuant to section 44, sub-sections one and two of the Act.
It said, “All mobile money operators and other affected payment service providers are hereby directed to comply with the statutory provision for the collection and remittance of the 0.005 percent levy on all electronic transactions by the businesses specified in the second schedule of the Act.”
The statement defined electronic transactions as financial transactions occurring in a bank, on a mobile money scheme, or any other payment platform with an accompanying service charge.
It added that the levy from all electronic financial transactions must be 0.005 percent of the service charge, exclusive of all tax effects.
“Effective from July 1, 2018, all electronic transactions that have an accompanying service charge shall qualify as eligible transactions, and all levies imposed under the Act should be remitted to the nominated T24 account number,” the statement said.
The CBN added that all operators were expected to remit the levy on a monthly basis using the effective date as the date of commencement of business.