Nigerian and SA reserve banks on track with payments infrastructure


Tim Masela from the South African Reserve Bank and Dipo Fatokun from Central Bank of Nigeria spoke to Sido Bestani, Head of Middle East, Turkey & Africa, SWIFT, during the 23rd SWIFT African Regional Conference today about various initiatives both banks have implemented to develop payments infrastructure.


Tim Masela, Head of National Payment System Department, South African Reserve Bank gave an update on progress of the SIRESS system at the 23rd SWIFT African Regional Conference which took place in Mauritius today. “Good progress has been made on SIRESS with nine countries currently connected. We are hoping to connect an additional five. There are 73 participants on the system and we recently hit the 2 trillion mark in terms of settlements and transaction volumes. We’re also considering taking the platform to the next level by migrating to ISO 20022”.

Dipo Fatokun, Director, Banking & Payments System Department, Central Bank of Nigeria discussed the success of Real Time Gross Settlements (RTGS) in Nigeria at the 23rd SWIFT African Regional Conference which took place in Mauritius today. “RTGS has played a crucial role in increasing the efficiency of our payments infrastructure. Before implementation in 2013, we had fewer than 400,000 payments a year. This jumped to 600,000 in 2014, almost 1 million in 2015. So far this year we have already seen 400,000 payments”.


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