Governor of Central Bank of Nigeria CBN Godwin Emefiele has said that Nigeria launched the Payments System Vision 2020 PSV2020 programme with the aim of transforming the Nigerian Payments System.
The apex bank boss who made this known in Abuja said that the payment system will integrate the country into the mainstream of global economy.
According to him, “in order to participate actively in the global economy, therefore, our payments system must be successfully benchmarked against the global best practices, as in most developed nations of the world. In this regard, I am delighted to note that we have made significant achievements in this journey.”
He added that the vision originally identified the seven priorities/ and key initiatives that will drive the usage of electronic payments, including: Government Supplier Payments, Person-to-Person Payments P2P Salary Payments, Bills Payments Taxes – for Business, Taxes – for Individual, and the Securities Settlement and Income Processing.
Emefiele said that the initiatives were intended to benchmark the existing core payments infrastructures in Nigeria against international best practices.
According to him, “through the implementation of these initiatives by the CBN, in association with the banking community, Nigeria has witnessed an impressive growth of electronic payments and a shift from the overwhelming dominance of cash as a means of payment.”
He highlighted the achievements made so far in this regard which include; implementation of Nigerian Uniform Bank Account Number NUBAN, the deployment of a new RTGS that is built on the Society for Worldwide, interbank Financial Telecommunication SWIFT messaging standards; introduction of the Cash-Less Policy; the deployment of the script less Securities Settlement System SSSS; adoption of Mobile money as a major channel for delivering financial, inclusion; and active support for the implementation of the Federal Government Treasury Single Account TSA.
He also said that the Nigerian Payments infrastructure has identified eight new industry verticals aimed at advancing the adoption of the electronic payments in Nigeria. These verticals and their objectives are as follows: Agriculture – to develop electronic payment methods to support the agriculture value chain (inputs through to tertiary production and supply, Smart Cities- to develop a cashless model for Smart Cities.
The focus will be on both existing cities and “Greenfield cities”, to ensure that less cash is used as a means of payment; Government Flows– to ensure adoption of end-to-end electronic channels for all forms of salaries, pensions, suppliers, individual & business taxes payment and collection of revenues by private and public sector organizations;
Hotels and Entertainment—to work with key pilot hotels and other key entertainment venues such as restaurants, cinemas, sports centres to promote the ‘cashless initiative; Transport–to develop strategies for getting the public to pay for transportation electronically. A pilot implementation would be organized with various transportation companies.
Education–to design and develop an electronic fund transfer system, which utilizes multiple channels in processing electronic payments that supports the educational ecosystem with components such as grants, scholarships, consultancy services, Internally Generated Revenue IGR, tuition and administrative fees;
Health – to provide solutions that supports the provision of personal and medical information and payments for health and medical services; Bill Payment and Direct Debits- to drive the current initiative for Bill Payments to conclusion, by building on the significant improvements to the Direct Debit programs, by increasing usage of Bill Payments programs across suitable industry segments such as insurance, pensions, telecommunications, Cable TV and utilities.
“In order to facilitate the achievement of these objectives, we have set up Working Groups for each of these initiatives. In addition, the existing four Special Interest Working Groups and one Initiative Working Group will continue to pursue the objectives earlier set for them, more so with the injection of new members into the groups,” he said.


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