CBN Splits Banking, Payment System Department

The Central Bank of Nigeria (CBN) has announced the creation of two departments: Banking Services Department (BKSD) and Payments System Management Department (PSMD), from the former Banking & Payments System Department (BPSD).
In a notice on its website, signed by ‘Dipo Fatokun, Director, BPSD, the new structure, which becomes effective from Thursday, November 1, 2018, is “part of its effort to efficiently deliver on its strategic objectives as banker to the Federal Government.”
The decision, it added, is also to “promote credible, reliable and efficient payment systems.”
From the take off date, the circular said “all correspondence on matters relating to Banking Services such as Treasury Single Account (TSA), Real Time Gross Settlement System (RTGS), accounting opening, local and foreign payments transactions, bank statement/reconciliation issues, government securities, federation account, letters of credit and other related services should be channeled to” Director, Banking Services Department of the CBN.
The circular reassured stakeholders of its continued services and that the realignment is designed to achieve better service delivery.