The Central Bank of Nigeria says it is set to review the Payment Service Vision 2020 in furtherance of its payment system objectives and in response to the developments in the system, Punchng report.
The Deputy Governor, Financial System Stability, CBN, Mrs Aishah Ahmad, said this while disclosing initiatives being pursued during the Electronic Payments Incentive Scheme Efficiency awards in Lagos.
She said, “The CBN is undertaking a review of the PSV 2020 (created to provide a sound regulatory framework that supports innovation, protects consumers and promotes financial stability). The proposed refreshed strategy is tagged PSV 2030.”
According to her, the payments system had changed significantly and continued to evolve.
New technologies and a growing number of financial technology companies in the markets were supporting faster payments and settlements, she noted.
She said that technological advancements and the adoption of mobile as the primary channel had also made it easier and cheaper to conduct electronic transactions.
According to Ahmad, these developments are validated by the astronomical increases in transaction volumes in virtually all electronic payment platforms.
Citing data provided by NIBSS, she said ATM transactions rose by over 196 per cent (295 million in 2013 compared with 875 million in 2018; Point of Sale transactions rose by 3,076 per cent (from nine million in 2013 to 285.89 million in 2018); Electronic transfers through web rose by 2,440 per cent (from two million in 2013 to 50.8 million in 2018).
Contrastingly, she added that paper-based payments transactions using cheques declined by over 35 per cent between 2013 and 2018 (14 million transactions conducted using cheques in 2013 relative to nine million transactions in 2018).
