NIGERIA’S E-PAYMENT SYSTEM WILL WITNESS SIGNIFICANT IMPROVEMENT IN THE COMING YEARS-CBN

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[CBN]–The Central Bank of Nigeria, through its Deputy Governor, Operations, Mr. Adebayo Adelabu, has expressed its optimism in the country’s e-payment.

Adelabu, spoke on Friday at the second anniversary of the Electronic Payment Incentive Scheme organised by the CBN in collaboration with the Nigeria Interbank Settlement System (NIBSS) to reward banks and other stakeholders in the e-payment sub-sector.

He said that the Cashless Nigeria policy has reduced the cost of banking services, increased awareness and usage of electronic channels, and improved the effectiveness of the CBN’s monetary policy.

He included that with the level of technology that is being currently deployed to the country’s e-payment service, he is optimistic that the system will experience significant improvements.

In his own statement, the Managing Director and Chief Executive Officer, NIBSS, Mr. Adebisi Shonubi, said the volume of e-payment transactions had increased significantly following the introduction of the reward scheme.

He added that there has been “significant improvement in efficiency across most of the platforms”

According to TODAY’s business report, Zenith Bank Plc, Standard Chartered Bank, Union Bank Plc, Access Bank Plc and Guaranty Trust Bank Plc emerged winners in the banks’ category.




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