CBN measuring success of electronic payment methods

Aug 24, 2012

An assessment to gauge the effectiveness of electronic payment methods in Lagos is being carried out by the Central Bank of Nigeria (CBN).

An assessment to gauge the effectiveness of electronic payment methods in Lagos is being carried out by the Central Bank of Nigeria (CBN).

Speaking to the News Agency of Nigeria, banking and payments system director Dipo Fatokun said the findings could affect the future rollout of alternatives to cash across the country.

The CBN is already looking at making multi-functional Automated Teller Machines more widespread across Nigeria.

However, this depends partly on whether its efforts are deemed to be yielding the desired results in Lagos.

"Once we get it right in Lagos, we will get it right in other states," Mr Fatokun commented.

He noted that while the assessment has identified a number of success stories in the region, it has also drawn attention to some issues that need to be resolved.

Mr Fatokun said overcoming these challenges would be helpful in making the switch to a cashless economy in other areas go more smoothly.ADNFCR-2976-ID-801436197-ADNFCR