CBN launches new strategy document for Nigeria's payment system

Sep 18, 2013

The Central Bank of Nigeria (CBN) has launched a revised version of the Nigeria Payment System vision 2020 strategy document in a bid to improve the effectiveness of the country's electronic payment system.

The Central Bank of Nigeria (CBN) has launched a revised version of the Nigeria Payment System vision 2020 strategy document in a bid to improve the effectiveness of the country's electronic payment system.

CBN's governor Lamido Sanusi said that the bank will strengthen the
scheme's
governance structure to reflect greater responsibility of scheme management covering all aspect of risks, business management and operational resilience.

"An independent review should be undertaken every four years with a view to make the results public by the end of 2017," he added, quoted by Leadership newspaper.

The CBN governor also noted there was a need to provide mobile technology for financial services, especially in rural areas, adding that a draft of the National Payment System Bill - currently undergoing approval - would address legal barriers to the electronic payment
system.

Eighteen Mobile Money Operators (MMOs) have currently been licensed by the central bank. Each month, transactions worth over N1 billion (€4.6 million)
are being processed through mobile platforms.ADNFCR-2976-ID-801638729-ADNFCR