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CBN tells banks to implement monitoring technology

CBN tells banks to implement monitoring technology
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The Central Bank of Nigeria (CBN) has directed banks and payment solutions service providers (PSSP) to implement monitoring tools for banks to detect irregularities that could lead to exposures during transactions.

A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos
A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos

In a statement signed by Dipo Fatokun, Director, Banking and Payment System Department at CBN, the apex bank says it “has observed the growing exposure of banks on payment solutions service providers’ platform, due to operational failures.”

According to CBN, “all Payment Solutions Service Providers should ensure implementation of adequate system exceptions monitoring tools, including alerts, to aid banks in detecting anomalies that could lead to exposures,” and that “all Payment Solutions Service Providers shall jointly determine with participating banks, ICT resource capacity planning for bank’s transaction levels.”

The apex bank also said that “banks and PSSPs shall ensure that their systems are not overstretched by the level of transactions being supported, by providing necessary headroom for all critical ICT resources used in facilitating payment services.”

According to CBN, “all banks and Payment Solutions Service Providers, for the purpose of payment under the Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria, should give values to customers after settlement, at T+1.”

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Success Kafoi Journalist at Technology Times Media. Mobile: 08077671673 email: success.kafoi@technologytimes.ng

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