A new department created by nigeria government called payment

I think you may be referring to the "Nigeria Payment System Department" (NPSD), which is a new department created by the Central Bank of Nigeria (CBN) to oversee the development and regulation of the payment system in Nigeria.

The NPSD was established in 2020 to ensure the stability, security, and efficiency of the payment system in Nigeria. The department is responsible for:

1. Regulating and supervising payment service providers, including banks, mobile money operators, and other payment service providers.
2. Developing and implementing policies and guidelines for the payment system.
3. Ensuring the security and integrity of the payment system.
4. Promoting the adoption of electronic payment channels and reducing cash transactions.
5. Providing guidance and support to payment service providers to ensure compliance with regulatory requirements.

The NPSD is also responsible for implementing the National Payment System (NPS) framework, which aims to create a robust and efficient payment system that is accessible to all Nigerians. The framework is designed to promote financial inclusion, reduce the cost of transactions, and increase the efficiency of the payment system.

Some of the key initiatives of the NPSD include:

1. The development of a national payment gateway to facilitate electronic transactions.
2. The implementation of a national identity verification system to ensure the security and integrity of transactions.
3. The promotion of mobile money services to increase financial inclusion.
4. The development of a national payment system infrastructure to support the growth of electronic transactions.

Overall, the Nigeria Payment System Department is an important initiative by the CBN to promote the development of a robust and efficient payment system in Nigeria, which will help to drive economic growth and financial inclusion.