It said that the new system meant payment instructions and associated schedules would no longer to be transmitted to banks through unsecured channels by qualifying public and private sector organisations.
The apex bank added that enforcement of the directive shall be effective from the date of the issuance of the regulation.
The objective of the end-to-end electronic payment of salaries, pensions, suppliers and taxes initiative is fully aligned with the core objectives of the National Payment System, Vision 2020 (PSV2020).
PSV2020 seeks to ensure the availability of safe, effective and efficient mechanisms for conveniently making and receiving all types of payments from any location and at any time, through multiple electronic channels.
It also seeks to reduce the time and costs of transactions, minimise leakages in revenue receipts and at the same time provide reliable audit trails, thereby making the Nigerian payments system align with international best practices.