2020-07-20 | BKS/DIR/GEN/CIR/07/017

ISO20022 Swift Updated Timelines for Migration

The Central Bank of Nigeria has directed all financial institutions in the country to migrate to the ISO 20022 standard for payments and reporting by November 2022. This global standard for payments messaging is already used in over 70 countries and will improve data quality and build client confidence. Financial institutions are expected to assess the impacts, implement solutions, and conduct testing to ensure a smooth transition by the deadline.

Nigeria

Central Bank of Nigeria

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