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CBN INTRODUCES NEW PAYMENT SYSTEM

The Central Bank of Nigeria, CBN has unveiled a new payment system called Real Time Gross Settlement (RTGS) system. This is part of the effort to implement the Payment System Vision (PSV) 2020 strategy. The RTGS which went live on the 16th of December 2013 was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system which has been in use for the past seven years. The SSSS is a new initiative to issue, manage and settle government and other money market securities processed as electronic record in a Central Securities Depository System (CSD).

The RTGS is an interbank payment infrastructure that is facilitating the real time settlement of electronic fund transfers on gross and irrevocable basis. It was built on swift standards to allow for safer, easier and faster interconnectivity with other payment infrastructures both locally and internationally. The integration of RTGS and SSSS is a strategic move with lots of benefits which include reduction of settlement and systemic risks in payment system and provision of collateral management platform to mitigate settlement risks.

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