Nigeria’s Apex Bank Seeks Deeper Adoption Of E-payment System

Channels Television  
Updated November 27, 2015

E-payment system in Nigeria POS-card-machineThe Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS) have further thrown their weight behind the cashless policy, with the ongoing Electronic Payment Incentive Scheme (EPIS).

During the redemption of prizes in Kaduna for the first 10 winners for the month of September and October, the Deputy Governor of the CBN, Suleiman Barau, said the apex bank would keep giving the desired support to the EPIS project.

He pointed out that E-payment banking would help in revolutionising Nigeria’s economic development and enhancing efficiency in business.

While commending the process used in selecting the winners, Mr Barau added that the cash-less banking initiative was helping to promote financial inclusion and getting banking to the grassroots.

Cash Reward Raffle Draw

The Managing Director of NIBSS, Business Development, Mr Folashodun Shonubi, explained that the introduction of the nation-wide incentive scheme was primarily focused on rewarding users of electronic payment in Nigeria and to further encourage greater adoption by all.

He added that there had been increase of transactions through Point Of Sales (POS) platforms since the inception of the Electronic Banking.

The Electronic Payment Incentive Scheme idea was first conceived in March 2013 driven by the Central Bank of Nigeria and NIBSS amongst other key stakeholders.

In other to spice up a reasonable level of awareness and excitement in anticipation of the Loyalty Program for consumers and salespersons, the CBN in collaboration with NIBSS proposed a Monthly Raffle Draw Initiative targeted at all card users within the Nigerian e-payment ecosystem.

At the Kaduna office of the CBN, the winners for the months of September and October, who were selected across Nigeria, were presented with a cash reward.

To qualify for this draw, all winners are expected to have a valid Biometric Verification Number for the authentication of their various bank accounts.

The scheme also has the support of the Consumer Protection Council and National Lottery Regulatory Commission.

The Kaduna State coordinator of the commission, Baba Adamu, applauded the initiative, describing the process as transparent and unquestionable.

One of the recipients, Omolara Odunusu, expressed happiness for the reward and commended the CBN for the gesture

The CBN E-payment Incentive Scheme Raffle Draw involves a customer using his or her ATM card to make payments on POS to enable such customer qualify for the Cash Reward Raffle Draw.

The benefits of the scheme according to the CBN management, include saving man hours wasted in moving cash about, guaranteeing the safety of the customer in carrying money about as well as saving the apex bank from printing new currencies frequently.