The Central Bank is planning to deploy a new real time gross settlement system that meets international standard, says the Governor of Central Bank, Lamido Sanusi.
Sanusi who spoke on Thursday in Abuja at a book presentation entitled,
‘The ICT Revolution-closing the gaps’ said the CBN was not left out on ICT dependence and that the banks’ core services have all been automated via ICT.
He stated that the new settlement system which is a product of CBN participation in the ICT space would improve on current inter-bank, third party and debit fund transfers.
“It will also attend to issues of net settlement scheme cheques, e-payment switching, delivery versus payment securities trade settlements and payment versus payment for foreign exchangetrade settlement,”
said Sanusi who was represented by Mrs Mojisola Oladeji, Deputy Director, ICT of CBN.
He added that ICT has enhanced the bank’s services and communications with other central banks and financial institutions and has increased the accuracy of information gathered and thus provided for more informed decision making.
Some of the bank’s recent ICT-driven initiatives include financial inclusion of the unserved via mobile payments and the move to a cashless society;
policies in place to support the move to ICT platforms in payment system and shared services platform to bring down overhead cost of technology solutions in the financial sector.