Assessment of Payment System in the Central Bank of Nigeria

Description

– Assessment of Payment System in the Central Bank of Nigeria –

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Abstract

The economy is predominantly cash based, reflecting the preference of economic agents and the weakness of the legal system to enforce contracts.

The unintended social and economic cost are the risks and inconveniences associated with cash transactions such as armed robberies use of counterfeit banknotes as well as the inconvenience of carrying large quantities of currency notes.

This study assessed the payments system in the central bank of Nigeria is undertaken to establish whether or not a relationship exist between payments system and economic development in Nigeria. It provides an overview, structure and development of the Nigeria payments system.

It evaluates the role and highlights the problem of establishing an efficient payments system in Nigeria. This study administered survey questioners to the central bank officials.

The findings of the study reveal that; the payment system has promote effective transaction in the banking system, the payment system tools such as ATM card, e-payment, debit note etc have promoted the economic growth in Nigeria.

The payment system in Nigeria is easy to use (user friendly), the CBN regulates, monitors and enforces the payment system in the Nigerian banking sector, there are challenges facing the use of payment system in Nigeria.

The CBN has made enough efforts in promoting effective use of payment system, there are uniform standards in the banking sector for the use of payment system.

The Federal government micro finance policies enhance the economic growth through the payment system, the payment system promotes economic growth through the use of IT and adequacy of electrical power supply promote the effectiveness of payment system.

Based on the above findings, the study recommended that the Central Bank should continue to improve the use of ATM, improve the central payment system for more efficiency and encourage the populates on the use of ATM. In addition, more introduction of IT to the payment system in order to reach the local level.

Introduction

1.1 Background of the Study

The payment system consist of institutions, set of instruments and procedures through which financial obligations are discharged by economic agents. An efficient payment system ensures that financial with minimum delay and cost to the economy.

It is therefore, imperative for the financial architecture to be developed to engender and efficient payment system that guarantees that transaction are concluded efficiently and at minimum risks. The payments system is an important anchor for economic and social development in any economy.

An efficient payments system enhances the operation of a market economy and assists in the maintenance of monetary and general economic well-being though the transmission of money that over time.

It has become a core function of central banks worldwide to ensure the efficiency, integrity and safety of the payments system by instituting, in collaboration with other key stakeholders in the payments process, sound operating policies and practices.

Malosh (2004) sees payments system as a mechanism that facilitates intermediation through the transfer and the processing of the value of money from the payer (buyer) to the payee (seller) in the process of exchanging goods and services.

The system invariably includes not only the instruments, such as cheques, money orders, wire transfers, electronic transfers and other payment instrument, but also organization, operating, procedures and information,

and communication agreement that are used in initiating and transmitting payment instruction from one party to another in settling obligation.

The payment system enables the financial sector to serve the real sector, and there for its development sophistication is a necessary precondition for the business development both domestically and internationally.

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