CBN Moves to Deepen Payment System

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Nume Ekeghe

The Central Bank of Nigeria (CBN) has said that attaining the Payment System Vision 2020 (PSV 2020) would be the catalyst to revolutionise the payment system in Nigeria.

The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, said this at a workshop organised for financial journalists in Lagos yesterday.

Represented by the Deputy Director Banking and Payments System Department, Mr. Musa Jimoh, the central bank director said achieving the PSV 2020 would help facilitate economic activities as well as boost the financial inclusion drive of the CBN.

On his part, the Head/Project Manager, PSV 2020, Mr. Sam Okojere, stressed that the cash-less policy is the future of payments in Nigeria.

He noted that the PSV 2020 initiatives are aimed instituting a robust national payment system that is nationally utilised and internationally recognised.

They noted that Nigeria has witnessed an impressive growth of electronic payments and a shift from dominance of cash as a means of payment. Furthermore, they listed the deployment of the real time gross settlement systems where transfer of money or securities takes place from one bank to another on a real time, the adoption of mobile money as a major channel, the implementation of the Treasury Single Account; and migration of all payment cards from magnetic stripe technology to Chip-and-PIN, otherwise known as EMV, as some of the steps towards achieving PSV 2020.