The Central Bank of Nigeria has released new directive on payment of salaries, pensions, suppliers and taxes in the country. This involves an end-to-end electronic payment which will help to enhance the payment of all workers in the country.
The CBN issued the directive in a circular posted on its website on Tuesday and endorsed by the Director of Payment System Management Department, Mr. Sam Okojere.
The main objectives of the end-to-end electronic payment is in line with the National Payment System, Vision 2020.
The National Payment System, Vision 2020(PSV 2020) seeks to ensure effective and efficient methods for conveniently making and receiving all types of payments from any area and at anytime, through electronic network.
Again, it ensure that the time and costs of transactions is reduced and minimised leakage in revenue receipts in order to make Nigeria payment system meet International Standards.
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