CBN promises a robust e-payments system in the country says Fatokun

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CBN, Governor, Godwin Emefiele

From Benjamin a ameh, Lagos

Sustainable economic growth requires a well-functioning, efficient and reliable clearing and payments system to lubricate local and international business transactions by providing liquidity in the financial system. A national payments system (NPS) is one of the principal components of a country’s monetary and financial system and therefore, crucial to a country’s economic development.

In his keynote address delivered at the annual conference of the finance correspondents association of Nigeria (FICAN), Dipo Fatokun, Director, Banking and Payments System Department of the Central Bank of Nigeria in Lagos said CBN is focused on creating a future with pervasive electronic payments usage through the implementation of additional initiatives in certain sectors.

Fatokun disclosed that we at the CBN consider as our strongest ally in achieving the behavioural shift to electronic payments in Nigerians as purveyors of information and moulders of societal attitudes and preferences while pointed out that the annual conference of FICAN has become a robust platform for effective communication of CBN’s policies and strategies. Also it is an avenue which continues to aid our efforts to ensure that the people are better informed by equipping you with in-depth understanding of the financial system and its workings especially in the light of the mandates of the Central Bank of Nigeria.

He noted that the previous conferences undoubtedly had focused on monetary policy developments, financial stability functions and the advisory role of the Bank to the Government adding that this year’s theme may be the most essential as the payments system connects and impacts all the issues.

“In view of further plans to influence societal behavior favourably towards electronic payments, we are taking consumer issues seriously. You are aware of our recent directives with regards to prompt resolutions of complaints by banks, refund of customers with ATM dispense issues, excess COT charges as well as the removal of charges on deposits above the cash-less policy thresholds.

“The CBN Governor has made his people-focused agenda unequivocally clear, backing it up with immediate actions. We have therefore commenced monitoring activities to ensure that banks are complying. Similarly, we continue to engage with the public through various sensitization programmes such as this and through various media platforms-electronic, print and social media. We are also making efforts at getting necessary legislation approved for the establishment of a financial ombudsman to address consumer challenges with the use of financial services especially e-payments system.

“We unveiled the revised Payments System Vision 2020 and restated our commitment for the development of the payments system. Our clear objective is “to facilitate economic activities by providing safe and efficient mechanisms for making and receiving payments with minimum risks to the central banks, payments service providers and end users, extending the availability and usage to all sectors and geographies, banked and unbanked that conforming to internationally accepted regulatory, technical and operational standards.”

Fatokun said CBN is “focused on creating a future with pervasive e-payments usage through the implementation of additional initiatives in certain sectors such as agriculture, hotels and entertainment, transport, education and health. We hope to develop a cashless model for smart cities as well as targeting existing including greenfield cities such as Eko Atlantic in Lagos and the Centenary City in Abuja to ensure that less cash is used for payments at retail outlets, for transportation and other services.”

Fatokun reassured the general public that “the future outlook for electronic payments in Nigeria is positive and we are convinced that our collaboration with you will help sensitise the teeming populace. Noting that the CBN has the public in mind and is people focused as we will continue to ensure that our programmes and policies are implemented with utmost dedication to ensuring a credible, reliable and efficient payments system, Nigerians will be proud of any where across the country

“The CBN is saddled with the responsibility for the issuance of the legal tender currency-the Naira, the basic form of payments in Nigeria. Section 47 of the CBN Act was however more specific on the responsibility of the Bank regarding the infrastructure and forms through which Naira may be exchanged among economic agents i.e. payments and settlement system. S.47 (2) stated that the ‘Bank shall continue to promote and facilitate the development of efficient and effective systems for the settlement of transactions including the development of e-payment systems.’”


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