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The Central Bank of Nigeria (CBN) on Wednesday commenced the process of developing the Payments System Vision (PSV) 2030 strategy document, which will define the strategic agenda for Nigerian payment system for the next 10 years.
Consequently, the CBN, in circular signed by Sam Okojere, director, payments system management department, request for information from deposit money banks, Other Financial Institutions (OFIs) and Payment Service Providers (PSPs) to provide information on the proposed PSV2030 initiative.
Since 2006, CBN has published two strategy roadmaps, Payments System Vision (PSV2020), that have created a robust and well-utilised payments environment. The payments industry is currently experiencing radical change internationally and in many countries domestically.
Innovation and competition are being driven by deployment and adoption of new technology solutions and encouragement for new entrants through new regulatory regimes.
“The two previous releases of PSV2020 have largely achieved their objectives. Now is the time to create a new agenda for the payments system in Nigeria – Payments System Vision 2030 – one that defines a framework for the next ten years”, the CBN said in the circular.
“Given the current rapid pace of change, we are seeking the views of a wide range of industry stakeholders and experts. Our PSV2030 framework must recognise the swiftly evolving user requirements, technical solutions, regulatory environments and external threats that typify the industry”.
The creation of PSV2030 comprises three main phases, in the following order – Phase 1 – Scope and Consult – during this current phase, the CBN said it has produced this scope document and is currently seeking input from current and potential stakeholders, both nationally and from other countries.
Phase 2 – Design and Plan – the information received from Phase 1 will be used to develop the Payments Framework that will recognise the approaches being adopted in other countries but will be appropriate for the local market in Nigeria.
Phase 3 – Deploy – likely to be a sequential implementation over many years and is adaptable within the defined framework to respond to changes in technology and platforms. The framework should look to introduce a new architecture where appropriate and seek to retire legacy environments when no longer relevant.
The objective is to complete a consultative draft of PSV2030 in time for an International Payments Conference in early September 2019, followed by request for further comments. The final version of PSV2030 is planned for release by end 2019.