FSS 2020 - - PowerPoint PPT Presentation

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FSS 2020 - - PowerPoint PPT Presentation

Sep 12, 2022 46 likes •467 views

FSS 2020 International Conference Payment Systems Strategy 1

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Payment Systems Strategy

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Payment Service Providers Payment Infrastructure Regulator

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  • Users

Payment Service Providers Payment Infrastructure Regulator

Channels and Product Transaction Processing Individuals, Business, Government CBN Payment Methods

Cash Cheques Cards ACH RTGS 25 deposit money banks Card Scheme operators NIBSS CSCS ATM and POS Electronic Banking Teller Services Mobile payments

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Encourages variety and innovation Enforces Standardisation and Regulation

Competition Co-operation

Users Payment Service Providers Payment Infrastructure Regulator

Channels and Product Transaction Processing Individuals, Business, Government CBN Payment Methods

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Users Payment Service Providers Payment Systems CBN Seven End User INITIATIVES that will drive national usage Fifteen infrastructure RECOMMENDATIONS to improve resilience creating increased international recognition

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Securities Settlement Individual Taxes Business Taxes Bill Payment Salary Payments Person to Person Trade Government Supplier Payments National Usage

2007-2008 2007-2009 2007-2009 2007 2007-2010 2007-2009 2007-2009 1 7 2 5 3 4 6

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Users Commercial Financial Service Providers

Banking Products – Access Channels Bank Processing – Transaction Processing/Bookkeeping

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Market Infrastructure

RTGS ACH Cheques Cards X-border WAMZ Other Mobile CBN Foreign Entities

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Payment Method Infrastructure Current criticality Future criticality RTGS CIFTS 10 10 ACH credit and debits NEFTS 6 9 Cheques NACS + manual clearing 7 6 Debit, ATM and Credit Cards Various National & International schemes Interswitch/Central Switch 5 8 Stored Value Cards Commercial schemes 2 4 Pre-paid cards Commercial schemes 3 5 Mobile None available n/a 5 Cross-border – WAMZ Not yet available n/a 10 Cross-border – Other Commercial correspondent banking. 5 7

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Fine tune Governance model Clarify Legal Framework Enhance Infrastructure Improve Consumer Protection Expand Payment Methods Reduce Settlement Risk Adopt BIS Core Principles

International Recognition

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National Payment Systems Committee

Payment Infrastructure Committee Payment Strategy Committee

RTGS Working Group Cheque and ACH Payments Working Group Cards Working Group Mobile Payments Working Group Securities Working Group WAMZ Special Interest Group Strategic Initiatives Special Interest Group Public Awareness Special Interest Group Legal Special Interest Group Information Security Special Interest Group

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Users Payment Service Providers Payment Systems CBN Seven End User INITIATIVES that will drive national usage Twenty-five infrastructure RECOMMENDATIONS to improve resilience creating increased international recognition