The Nigerian payment system is efficient and has been encouraging following the introduction of Real Time Gross Settlement system, the Director, Banking and Payments System, Central Bank of Nigeria, Mr. Dipo Fatokun, has said.
The RTGS is a specialist fund transfer system in which transfer of money or securities is done from one bank to another on a real time and on gross basis.
Settlement in real time means payment transaction is not subjected to any waiting period. Fatokun observed that the RTGS, enabled by the Society for Worldwide Interbank Financial Telecommunication, had enhanced financial transactions turnaround time in the country.
According to him, the development has facilitated the smooth and rapid settlement of interbank transfers.
He spoke at a programme organised by the CBN and SWIFT to appraise the efficiency and acceptability of the financial solution introduced into the nation financial industry in 2013.
Fatokun said, “The era of moving security and defaulting in payment or making payment or defaulting in security has gone with the new RTGS.”