Nigeria Central Bank reduces e-payment costs

Nov 04, 2011

The Central Bank of Nigeria is to reduce e-payment costs, PANA news agency reports.

The Central Bank of Nigeria is to reduce e-payment costs, PANA news agency reports.

Speaking at a two-day conference organised by the Electronic Payment Providers Association of Nigeria, Director of Banking and Payment Services at the institution Gaius Emokpae said it will collaborate with operators to obtain a reduction of 30 percent in costs.

He added this price decrease is targeted at services to the public and will be implemented as part of the payments system transformation.

The number of electronic transactions is increasing in Nigeria, according to a report from international rating agency Moody's, made available to This Day.

"The migration from paper to electronic payments is a positive phenomenon and the study supports the adoption of policies that encourage and accelerate this shift," the newspaper stated.

Mr Emokpae also told PANA that fraud activities arising from the misuse of ATMs had reduced by 98.5 percent, partly because of the migration of all cards from the magnetic strip technology to the EMV or chip and pin technology.





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