CBN begins introduction of electronic payments

Jan 10, 2012

The Central Bank of Nigeria has begun its implementation of an electronic payment system in all of the country's public and private sector organisations.

It made the announcement via a circular posted on its website, which was addressed to "all deposit money banks".

The implementation process began yesterday (January 9th) and from now on, financial institutions are not permitted to accept payments delivered via unsecured methods such as CDs, email attachments or USB flash drives.

It is hoped this will make the Nigerian financial system more efficient and secure.

"To support this initiative, deposit money banks are hereby implored to properly educate and advise their customers on the adoption and implementation procedures for an end-to-end e-payment," the CBN added.

This comes just after the central bank issued a circular to mobile network operators, warning them against advertising on behalf of mobile payment schemes as it can send the wrong message to members of the public.ADNFCR-2976-ID-801260206-ADNFCR