Understandably, the Central Bank of Nigeria (CBN) accorded the payments system due priority in its reform agenda of the financial system. Thus, the CBN in partnership with other stakeholders embarked on extensive reforms of the payments system to enhance its safety, efficiency and reliability.
This effort culminated in the introduction of institutional arrangements, operational mechanisms, interrelated IT infrastructure and instruments that are gaining wide acceptability among service consumers in the banking industry. The emerging payments landscape in Nigeria has generally been significantly influenced by financial liberalization and integration across the globe and, in particular, developments in payments framework including regulations, infrastructure and information and communications technology.