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Nigeria targets int'l payment system by 2020

Xinhua, June 25, 2015 Adjust font size:

Nigeria was committed to realizing a robust national payments system that would be nationally utilized and internationally recognized by 2020, the country's central bank said on Wednesday.

Dipo Fatokun, director of Banking and Payments System of the Central Bank of Nigeria (CBN), made the statement at a two-day Euro Finance 5th conference held in Lagos, the country's commercial hub.

The apex bank director told his audience that the infrastructure for payments in Nigeria was undergoing a dramatic change led by the CBN initiatives such as Payment System Vision ( PSV 2020).

The Nigeria Inter-bank Settlement System had created world- class real time for direct debits and credits accordingly, Fatokun said, noting a well-functioning payment system was essential for an efficient financial sector development and increased confidence in the banking sector.

Fatokun said the central bank would continue to promote and facilitate the development of efficient and effective systems for settlements of transactions in Nigeria through enhanced regulation and introduction of new products.

CBN would ensure availability of enhanced payment system without interruption that would meet the needs of all market users with minimum risks to the regulator, operators and users, he said.

According to him, the country had recorded great improvement in its payments system since 1998 with more enhanced e-payment channels, and the apex bank will ensure that international standards are applied to the Nigerian payments system for global standardization. Endite