Business
CBN to Improve Payment System and Lower the Cost of Currency Management.
CBN to improve payment system and lower the cost of currency management.
The Central Bank of Nigeria (CBN) has stated that it is committed to raising the standards of Nigeria’s payment system through scaling up e-payment infrastructure.
At the 34th seminar for finance correspondents and business editors held by the central bank on Tuesday in Calabar, Adefuye Adeyemi, Deputy Director of the CBN’s Payment System Management Department, made this statement.
The theme of Adeyemi’s paper was “Implementing a Robust Payment: Architecture: Prospects and Challenges.”
According to him, the apex bank started the idea of driving e-payment in 2007, when it imitated the Payment System Vision (PSV-2020).
“We have always had the vision to drive e-payment adoption in Nigeria.” We want to reduce the volume of naira in circulation because it is actually a gain for the regulator.
“It is not only the printing of currency that costs money; the management and operation of currency in circulation cost the regulator (CBN) a lot of money.
“The more we drive e-payment adoption, the lower the cost of printing and managing currency in the economy,” he said.
According to him, the CBN has adopted PSV 2025 to further improve e-payment infrastructure and enable larger-volume e-transactions.
“From a cash-based economy to a cashless economy, and now to e-payment, we have made progress.
“If we want our payment system to be internationally recognized, we must benchmark it against international standards.
“The principle of financial market infrastructure is that we should adopt international standards,” he said.
He said that the apex bank would hire consultants to carry out a comprehensive audit of the country’s payment system to determine existing gaps and steps to take to bridge them.
