CBN, SEC design e-dividend payment portal

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The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have collaborated with  relevant stakeholders to develop a common portal for uploading completed e-dividend mandate forms detailing   relevant bank account and shareholder/investor information.


In a circular to Deposit Money Banks (DMBs) posted on its website yesterday, the apex bank stated that the development of the  portal was due to the realisation that the current process of enrolment fro e-dividend payment was cumbersome and  had contributed to the low adoption of the e-dividend scheme.


According to the circular, under the new arrangement, all registrars’ outlets and bank branches are points where the investors can go to process the  e-dividend mandate .


It  stated that where the investor goes to a bank, the financial institution will validate his (investor’s) Bank Verification Number (BVN)   and upload the scanned copy of the form onto to the portal for immediate access by the investor’s chosen registrar.


The circular stated that the Nigerian Interbank Settlement System (NIBSS)  is responsible for creating the portals  for the registrars and the banks. Thereafter the adminstrators created would  be responsible for  creating and managing authorised users  in their respective officers.


The CBN directed DMBs to contact the NIBSS for the required access rights to the portals.

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