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New CBN system to enhance interbank transfers

10 January 2014, 11:07Henry Ifeanyi

Lagos - The Central Bank of Nigeria (CBN) said it had introduced a new real-time gross settlement system (RTGS) as part of effort to ease the challenges associated with interbank electronic money transfers.

According to the bank, the system is integrated with a Scriptless Securities Settlement System.

CBN Deputy Governor, Operations, Tunde Lemo, said the interbank payment infrastructure would facilitate the real-time settlement of electronic fund transfers on gross, final and irrevocable basis.

According to the CBN executive some of the expected benefits of these new systems were the reduction and elimination of settlement and systemic risks in the payments system; provision of a collateral management platform to mitigate settlement (credit and liquidity) risks and achievement of instant value for bank customers.

Others are improvement in liquidity management, facilitating more efficient monetary policy implementation, facilitation of transformation efforts to improve the efficiency and transparency of government receipts and payments; provision of a more efficient, secure and appropriate payments landscape to encourage foreign investment, improve financial intermediation efficiency, and enhance financial inclusion.

Lemo said the move would also help to enhance a robust infrastructure to handle faster processing of electronic payments related to banking and financial market services as well as the expansion of the functionality and effectiveness of government securities.

He noted that the new RTGS was built on the SWIFT messaging standard, to allow for safer, easier and faster interconnectivity with other payment system infrastructures both locally and internationally.

– CAJ News


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