Nigeria: CBN encourages e-payments

Nov 25, 2014

An increase in e-payments would mean better access to finance for the whole population, as many Nigerians currently can’t access any payment means.

In order to boost the use of e-payments, the Central Bank of Nigeria (CBN) is about to review its
guidelines on the topic. This was announced by
Alhaji Suleiman Barau
in a keynote speech
at the 2014 yearly retreat of the Committee of e-Banking Industry Heads (CeBIH).

He said
CBN would like to see an increased number of Nigerians use this type of payment in the coming
years, as has been the trend recently.


For instance, CBN hopes that an increased number of industries will soon start offering e-payments. At the moment, it encourages agriculture, transportation, education, health and hotels to do so. This would
enable more and more Nigerians to pay their bills through e-payments.


Mr
Barau
explained that the
Bank was
committed to reviewing the mobile payment regulatory framework, guidelines on stored value/prepaid cards and usage in Nigeria as well as
guidelines on ATM operations.


According to CBN, an increase in e-payments would mean
better access to finance for the whole population, as many Nigerians currently can’t access any payment means.ADNFCR-2976-ID-801762070-ADNFCR