CBN Urges NASS to Support Transformational Payments and Financial Industry Initiatives

The Central Bank of Nigeria (CBN) has urged the National Assembly (NASS) to support the implementation of transformational payments and financial industry initiatives. This call was made in a bid to improve the country’s financial system and promote economic growth. The CBN governor emphasized the importance of collaboration between the regulatory body and the legislative arm of government in achieving this goal. He noted that the support of NASS is crucial in creating an enabling environment for the implementation of these initiatives. The CBN has been working tirelessly to improve the country’s payment system, and the support of NASS is necessary to take this effort to the next level. The transformational payments and financial industry initiatives are aimed at reducing the cost of transactions, improving the efficiency of the payment system, and increasing financial inclusion. The CBN has already made significant progress in this area, with the introduction of initiatives such as the Payment Service Bank (PSB) and the Nigerian Central Bank Digital Currency (CBDC). However, the governor noted that more needs to be done to achieve the desired outcome. He called on NASS to provide the necessary legislative support to enable the CBN to implement these initiatives effectively. The CBN governor also emphasized the importance of strengthening the regulatory framework to prevent fraud and other financial crimes. He noted that the support of NASS is necessary to ensure that the country’s financial system is stable and secure. The CBN has been working with other stakeholders, including the Nigeria Inter-Bank Settlement System (NIBSS) and the Financial Institutions Training Centre (FITC), to implement these initiatives. The governor expressed his confidence that with the support of NASS, the CBN can achieve its goal of creating a more efficient and inclusive payment system. He also noted that the implementation of these initiatives will have a positive impact on the country’s economy, as it will increase access to financial services and reduce the cost of transactions. The CBN governor therefore urged NASS to take immediate action to support the implementation of these initiatives. He emphasized that the support of NASS is crucial in achieving the desired outcome and promoting economic growth. The CBN is committed to working with NASS and other stakeholders to achieve this goal. The governor noted that the implementation of these initiatives will be a major milestone in the development of the country’s financial system. He expressed his optimism that with the support of NASS, the CBN can create a more efficient and inclusive payment system that will benefit all Nigerians.

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