The crucial role played by the payments system in any economy, whether developed or developing, represents the major foundation of the modern-day market economy. This is in view of the fact that it is the channel through which financial resources flow from one segment of the economy to the other.
Nigeria is acknowledged as a major economic force within Africa, and also an active player in the global economy. To participate actively therefore, her payments system must be credible, reliable and efficient, and successfully benchmarked against the best practices adopted by the most developed nations. This has underscored the enormous efforts put in by the Central Bank of Nigeria (CBN) to modernize the payments system which hitherto, was cash based.
These efforts culminated in some remarkable achievements in the recent past, with the introduction of a number of initiatives under the Payments System Vision 2020 (PSV2020) as listed below, amongst others:
In retrospect, the past 14 years, since the PSV2020 was originally birthed in 2007, have been momentous for the payments system in Nigeria. Landmarks abound which have transformed the payments space, opened it up for investment and drove adoption of electronic payments in the country.
Largely driven by the national payments system strategy, the Nigerian payments system gained efficiency and safety through key infrastructure and institutional improvements. These include....Read more in the CBPN Members' Library with your annual subscription.
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