Toluwalope spoke at the Central Bank of Nigeria (CBN)
Seminar for Finance Correspondents and Editors in Calabar. He presented a paper
about “Designing and Implementing a Robust Payment Architecture.”
Nigeria’s payment system, he claims, has evolved into one of
the most advanced payment ecosystems in the world.
“In terms of the development and adoption of modern payment
systems today, our payment architecture is characterised by growing fintech
startups and active regulator involvement.
However, he stated that there was still work to be done.
According to him, every payment system has attributes that
are formed by the quality and standards of the stakeholders. He cited
infrastructure, regulation, talent, and capital as necessary components for
developing an ideal payment system.
“No payment architecture exists without the physical infrastructure
like servers, network connectivity and software tools supporting the proper
collection, storage and transfer of data to facilitate payment transaction
processing.
“Payment networks have to be governed by regulatory
guidelines to enable the responsible deployment of payment solutions to prevent
harm to the ecosystem.
“However, regulations have to evolve to enable the payment
architecture of the future through the adoption of “regtech” to design and
enforce guidelines, ” he said.
Meanwhile, he noted that talent was critical in developing
the payment architecture of the future and that the ideal payment architecture
could only be delivered with a consistent infusion of capital.
“Payments in Nigeria have entered a new era of growth and
require that stakeholders view payment infrastructure through new lenses.
Efficiency can be achieved by reducing repetitive investment in payment
infrastructure while ensuring competitiveness.
“This is by empowering a qualified set of fintechs with
demonstrable capabilities to provide payment infrastructure needs for the rest
of the industry, ” he said. NAN
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