The Central Bank of Nigeria has promised to enhance the efficiency of electronic payment system in the country.

A statement by the lender on Tuesday quoted day the Principal Manager, Banking and Payment Systems Department, CBN,   Mr. Emmanuel   Udo, as saying this in Osogbo while delivering a lecture entitled: ‘Recent development in the Nigerian Payment System’ at the 2015 Customer Forum.

Udoh said the objectives of the National Payment Systems was to ensure that the system was available without interruption, meet all users’ needs, and operate at minimum risk and reasonable cost.

According to him, Nigeria must follow the global trend of electronic payment in order to attain its aim of being one of the top 20 economies by 2020.

Udoh said, “For Nigeria to achieve its Vision 20:2020 aspiration, it must follow the global trend and adopt best practices.

“The Central Bank of Nigeria is at the forefront in ensuring the efficiency of electronic payments and other payments’ initiatives evidenced through various policies, circulars that it has churned out to facilitate the development of the system. The CBN has been at the forefront in the transformation of the payments system in the country.

“This has been amply demonstrated in various ways including the development of the Payments System Vision 2020 document in 2007 which was reviewed in 2013. The PSV 2020 is aimed at providing a roadmap for efficient payments system infrastructure that would be nationally utilised and internationally recognised.

The Controller, CBN Osogbo, Mr. Macpherson Effetabore, said in his address that the bank had adopted a framework that would guarantee best global practices at all times.

He said, “ The effective and efficient service delivery is a global phenomenon that epitomises everything that concerns the satisfaction of the customer and the CBN cannot be left out at it strives to perform its strategic business objectives in line with its vision and mission.”

Punch