THE CBN boss said the Nigerian Payments System would witness a boost when several proposed mobile technology initiatives become operational.

Sanusi said “the application of mobile technology for financial services, especially in rural areas will ensure that a large percentage of the population outside the formal banking system would have access to financial services” and  the draft National Payments System Bill, which is undergoing approval process is expected to address legal barriers to electronic payments.”

The CBN chief expressed optimism that the on-going implementation of biometric solution as part of the requirements for the opening of accounts would address the challenge of unique identifier in Nigeria; while the adoption of end-to-end electronic payments by Federal Government Ministries, Departments and Agencies, MDAs, for the payment of allowances to employees, pensioners and social beneficiaries would also boost card payment in Nigeria.

With increased implementation of shared services initiatives championed by the CBN, Sanusi said the cost of banking services would be reduced by at least 30 percent and that it would have a positive impact on e-banking services in the country.

He added that “the implementation of the revised Payment System Vision 2020 will see the emergence of a new collateral management for all the deferred net settlement systems” and that it would “also strengthen payments system governance by embedding holistic review of infrastructure into scheme management process.”

While urging stakeholders’ support,  Sanusi said over the next few years, CBN’s focus would be to strengthen institutional and regulatory frameworks that would encourage the development of payments system.