Central Bank of Nigeria has deployed Swift for its domestic payments as well as international payments infrastructure.
The deployment of Swift will support improvements in interoperability of the country’s financial infrastructure to improve settlement security and eliminate risk by using its Real Time Gross Settlement (RTGS) system.
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The partnership with Swift will also allow Nigeria to comply with global standards for critical payment infrastructure as set out by the Bank for International Settlements.
Additionally, Swift will offer the Nigerian financial system with a future-proof payments infrastructure and enabling it to combine with other financial markets in the region and globally as well as offer proven benefits for the broader financial community in Nigeria.
The partnership marks as an important step for Nigeria within the West African Monetary Zone to launch a single currency and use a common payment system to improve regional trade and investment.
Swift South Africa head, Hugo Smit, said: "By ensuring that Nigeria’s infrastructure is interoperable with both regional and international platforms, the move to Swift means that the Nigerian financial community will be easily able to interoperate within the West African Monetary Zone as this regional harmonization project matures."
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