The Bankers’ Committee set up the Sub-Committee on Payments System to review the existing payments system and make recommendations on how it can be improved to meet international standards while fully satisfying the payments needs of Nigerians.

The Sub-Committee was set up at the February 2004 meeting of the Bankers’ Committee with a mandate to review and enhance the efficiency of the existing payments system.

To achieve its mandate, the Sub-Committee set out the following as guiding principles:

VISION:
To establish a payments system that is efficient, reliable, affordable and consistent with international best practices by April 1, 2006

MISSION:
To create an efficient payments system that deploys reliable, secure and convenient Information and Communication Technology (ICT) tools to satisfy the financial transaction needs of the Nigerian economy

OUR BELIEF
The Committee believes that the implementation of the recommendations of its report would not only enhance the efficiency and reliability of our payments system, bringing it up to meet internationally acceptable standards, but would also enhance the level of acceptance and trust reposed in non-cash modes of payment among Nigerians.

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