CBN tasks e-payment stakeholders on cost, shared services, integrity

The nation’s financial technology operators in the payment system and banks have received a charge to work at increasing collaborations and cooperation that would enable effective shared services to reduce cost of transactions.

Besides, they are to work at entrenching integrity of the system and people, which has now become more important than ever, as a way of increasing security of assets and confidence of customers.

The Deputy Governor, Operations, Central Bank of Nigeria (CBN), Adebayo Adelabu, who made the charge at the Electronic Payments Incentive Scheme Efficiency Award, in Lagos, warned the stakeholders that now is no longer the time to neglect the directive of the regulator.

He reiterated the importance of responding to directives urgently, not with the attitude of convenience or profit considerations, adding that sensitive operations now must be handled by those whose integrity are proven.

Meanwhile, he commended the activities of banks and electronic payment operators, describing them as those “making life easier for Nigerians, with electronic payments innovations and extending the reach of financial services towards reducing cash intensity in our economy.”

He also thanked the Nigeria Interbank Settlement System (NIBSS) and members of the Electronic Payments Incentive Scheme Committee for organizing the award in an atmosphere that play down the intense competition and nerve-racking daily efforts to ensure availability and efficiency of electronic payments system at all times.

Speaking on the essence of the award, he said: “Undoubtedly, you deserve to be celebrated, considering that you daily brave the odds of infrastructural limitations, increasing and worrying cyber security challenges, mounting need for sensitisation of Nigerians to accept electronic payments and regulatory requirements.

“Channeling of payment through the e-payment leads to efficiency of allocation of resources, especially in an emerging market like ours.

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

“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.

He described the payments system as a harbinger of hope for the Nigerian economy, as operators in the payments system have been attracting foreign direct investment notwithstanding the challenges.

“You have made the country proud and our payment system a benchmark in our sub-region, through your innovations, hard work and collaboration,” he added.

The award night saw six banks, mostly among the top five financial institutions in the country, dominate the awards, with Lagos State government, Federal Government agency, one microfinance bank and five non-bank payment technology providers making the list.

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