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CBN searches for Payments System Vision 2025 drivers

The world is rapidly changing, embracing technology and redefining the payment system.

The need to get Nigeria onto the same wavelength as the rest of the world prompted the Central Bank of Nigeria’s (CBN’s) inauguration of the Payments System Vision 2025 (PSV 2025),  which was also targeting more people to financial system through the use of technology.

With the need to get the best out of the financial system becoming more pronounced,  the CBN  is searching for experts to drive the the Payments System Vision 2025 (PSV 2025) project.

The effort of the CBN to respond to recent innovations in the financial landscape, coupled with the growing market for payments solutions in Nigeria necessitated the new agenda for the payments system.

Consequently, the apex bank  invites sealed bids from bidders for a consultant to drive the implementation of PSV 2025 recommendations for the bank.

The apex bank expended the Request for Proposal (RFP) to eligible and competent consultants who will facilitate PSV 2025 Implementation, prepare and drive implementation roadmap for PSV 2025; benchmark the Nigeria Payment system with international standards.

The driver of the scheme is also expected to identify key areas of improvement and address those areas based on prioritized roadmap,  identify key trends and innovation opportunities in readiness for future products/innovations and work with the CBN team in support of implementation effort while providing expert advice.

The vision was also meant to enhance Nigeria’s chances of playing big in the global financial space and sustaining its leadership position in Africa.

The CBN listed some of the key activities  to include the ongoing drive to expand access to finance, the drive to integrate the informal sector, the transformation of the payments system, the expansion and growth of the Bond Market, the improving credibility and size of the capital market, ongoing stability of the banking sector, and ongoing focus on governance and risk management, among others.

The PSV 2025 is also expected to leverage on the  progress made by the Financial System Strategy 2020 (FSS 2020), during its implementation.

For instance, the CBN efforts at bringing most Nigerians into the banking fold through its financial inclusion strategies recorded significant progress, with 64 per cent financial inclusion achievement, lower than 80 per cent target.

A survey conducted in Nigeria in 2008 by a development finance organisation, the Enhancing Financial Innovation and Access revealed that about 53 per cent of adults were excluded from financial services.

The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53 per cent in 2008 to 46.3 per cent in 2010.
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