What is NPS and why is it important?
By CBSI Media
Article No. : 07/2020
This week, in our weekly features article, we look at the National Payments System (NPS) This is currently one of the major undertakings the Solomon Islands Government (SIG) Central Bank of Solomon Islands (CBSI) and other major stakeholders/partners are engaged in.
So what is NPS and why is it important?
NPS is an acronym for the word National Payment System. Payment & Settlement System plays a crucial role in effective and efficient circulation of money in the economy thus giving boost to trade & business. It is recognized worldwide that an efficient and secure payment system is an enabler of economic activity. It provides the conduit essential for effecting payments and transmission of monetary policy. Role and functionality of Payment systems have been changing gradually with advancement in products & technologies.