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In its effort to strengthen the oversight of the payments system, the Bank established the Payments System Policy and Oversight Office, for effective monitoring of existing and planned payments system. The Payment System Policy and Oversight Office activities are:

To perform monitoring and oversight functions (onsite and offsite) on Payment system in Nigeria with particular reference to functions of Switching Companies, Mobile Payment Operators (MPO), Payment Terminals Service Providers (PTSP), Card Scheme Operators and Payment Terminal Service Aggregator (PTSA) and other Payment Service Providers.

The Bank has isusued various licenses to Payment Service Providers for operation in the Nigerian Payments System.

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