Central Bank of Nigeria, RTGS (RTS/X) and CSD (DEPO/X)
On January 12, 2014 The Central Bank of Nigeria launched the new payment system Real-Time Gross settlement (RTGS) and the Scripless Security Settlement System (SSSS) as part of efforts for implementation of Payment System Vision (PSV) 2020 strategy. The new system has been in operations since December 2013 replacing the old payment system integrated seven years earlier. The Real-Time Gross settlement (RTGS) is an interbank payment infrastructure that facilities the real time settlement of electronic funds transfers on gross and irrevocable basis. It is built on SWIFT standards allowing safer, easier and faster interconnectivity with other payment system infrastructures both locally and internationally. The Scripless Security Settlement System (SSSS), on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system. SSSS facilitates the electronic management of the entire life cycle of securities transactions and manages the primary and secondary market securities and facilitate efficient open market operations. RTGS and SSSS integration facilitates the reduction of settlement and systemic risks in payment system and provision of collateral management platform to mitigate settlement risks.
Status: The system went into live operation in January 2014 according to the project schedule.