The Central Bank of Nigeria (CBN) on Tuesday issued an exposure draft on the regulation of end-to-end electronic payment of salaries, pensions, and other remittances, suppliers and revenue collections in the country.
In a circular signed by Sam Okojere, director, payments system management department, the move is to enhance the adoption of electronic payments while ensuring stability in the payment system.
READ ALSO: How poor port infrastructure raises petrol landing cost
The objective of the end-to-end electronic payment of salaries, pensions, suppliers and taxes initiative is fully aligned with the core objectives of the National Payment Systems Vision 2020 (PSV2020), which is to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time, through multiple electronic channels.
This will reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby making the Nigerian payments system align with international best practices.
