CBN to extend electronic payment services across Africa

by Hope Moses-Ashike

May 27, 2018 | 5:32 am
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The Central Bank of Nigeria (CBN) will continue to partner payment system operators in delivering exceptional electronic payments services that will further extend beyond the Nigerian borders and spread more vigorously across Africa.

Adebayo Adelabu, deputy governor, operations, CBN, said this in a keynote speech delivered at the electronic payments incentive scheme efficiency award in Lagos.

He said channelling of payment through the e-payment leads to efficiency of allocation of resources especially in an emerging market.

This he said often times, leads to increased consumption, more consumption leads to more production and by extension improved employment level and enhance standard of living.

According to him, the payments system has been a harbinger of hope for the Nigerian economy as operators in the payments system have been attracting foreign direct investment notwithstanding the challenges.

“you deserve to be celebrated considering that you daily brave the odds of infrastructural limitations, increasing and worrying cyber security challenges, mounting need for sensitization of Nigerians to accept electronic payments and regulatory requirements”, Adelabu told payment system operators.

“We have seen the growth in volume and value but I believe we are still scratching the surface, as the potential growth in the payment ecosystem is heaps”.
At the 2017 Electronic Payment Incentive Scheme (EPIS) awards organised by the CBN and Nigeria Inter-bank Settlement System (NIBSS), GTBank emerged a multiple award winner in various categories.

Consequently, with six awards, GTBank took home half of the dozen honours won by Banks and had the highest number of the total awards presented to the financial institutions, Fin-techs, merchants and other stakeholders in the Electronic Payment Incentive Scheme.

The EPIS Efficiency awards was established to reward and celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria.

Hope Moses-Ashike

by Hope Moses-Ashike

May 27, 2018 | 5:32 am
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