The minister who was guest at the Electronic Payment Providers Association of Nigeria, (E-PAAN) media workshop in Lagos recently, however commended the CBN for taking several measures which have seen a tremendous improvement in the overall Nigerian e-commerce sector.
The CBN was a major partner of EPPAN in the organisation of the media workshop which aimed at designing a more robust, recognized and nationally utilized electronic payment system in Nigeria.
The electronic payment system which includes online mobile transactions, ATM withdrawal, Point of sales POS, and others is currently on the fast rise all over the world showing strong move towards digital and e-payments.
Developments in the sector prompted the coming together of stakeholders to deliberate on issues with a view to harnessing good suggestions that will improve payment system in the country. The deliberations are also expected to strengthen consumers’ confidence in the safety, security, and reliability of payment systems.
In a paper he delivered at a media workshop in Lagos, titled: “The Nigerian Payment System: The journey so far”, Director, Banking and Payments System Department of Central Bank of Nigeria, Mr. Dipo Fatokun said: “This National Media Workshop is aimed at getting stakeholders in the payment system closer to the media team for a better understanding of information about the sector and enhancing our collective knowledge on how issues are reported in order to ensure a stable and sound financial system.
Fatokun noted that so far, the CBN in collaboration with other stakeholders have improved the country’s Payment System through Nigerian payment system Vision 2020.
Part of the initiative he said the CBN has used to improve the sector, included the implementation of Nigeria Uniform Bank Account Number (NUBAN) which has significantly reduced electronic card frauds and helped to put more confidence in the utilization of cards as a means of payment;
Cash-less initiative which has reduced the cost of cash management; Establishment of Nigerian Electronic Fraud Forum (NeFF) to provide a centralized information sharing platform on fraud; licensing 25 Mobile Money Operators to develop products and financial services that would be accessible to the banked and unbanked population; Agent Banking as a delivery channel for electronic payments channels in Nigeria where merchants, consumers and salespersons are rewarded either on points or cash basis among others.