Emefiele: efficient payment system pivotal for financial system growth

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Godwin Emefiele CBN Governor

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has stressed that an efficient payment system is pivotal to Nigeria financial system as well as in engendering sustained economic growth and development.

The governor pointed out that it was on this basis that the CBN has been making strides in the payment system sphere, from effective strategic planning, in collaboration with various stakeholders, to positioning the system for the facilitation of commerce, financial inclusion and inclusive economic growth.

Emefiele said this in a speech he presented the 10th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) held in Abuja yesterday. The conference was entitled: ” Innovation in the Financial Services Sector: Driving Nigeria New Economy.”

According to him, it was in line with this vision, the central bank embarked on a programme to transform the payment system, aimed at migrating transactions from cash to electronic payment in 2010.

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