Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has launched the revised version of the Nigeria Payment System (NPS) Vision 2020 Strategy Document.
Sanusi, who launched the document during an International Conference on Payment System in Abuja on Monday, said that the document would ensure effective electronic payment system in the country.
He said the revised document resulted from identified deficiencies in the existing market infrastructure.
According to him, an outline document would be published by the bank indicating interim steps to achieve long term objectives.
He said that the apex bank would strengthen the scheme governance structure to reflect greater responsibility of scheme management covering all aspect of risks, business management and operational resilience.
The governor said that the apex would ensure that each scheme management board carried out an annual self assessment.
“An independent review should be undertaken every four years with the target to make the results public by end of 2017.
“Open formal engagement channels with Continuous Link Settlement (C LS) as a first step towards Naira becoming a CLS settlement currency.’’
On challenges facing e-payment system in the country, Sanusi named deficit in infrastructure like power and communication, among others.
He listed others to include slow adoption of e-payment due to prevailing cash culture and traders’ apathy to point of sales terminals due to transaction fees.
The CBN governor said there was the need to provide mobile technology for financial services, especially in the rural area.
He said that the draft National Payment System Bill, undergoing approval, would address legal barriers to electronic payment system.
According to him, the on-going implementation of biometrics solution as part of the requirements for opening of accounts would be expected to address the challenges of unique identifier in Nigeria.
He said that adoption of end to end electronic payments by ministries, departments and agencies for the payment of allowances to employees, pensioners and social beneficiaries would also boost card payment in Nigeria.
Mrs Olubola Johnson, the Minister for Communication Technology, said that the ministry was working to ensure the establishment of infrastructure in some areas apart from the major cities.
She said efforts were being made to make effective use of the post offices located in almost all the local governments in the country to boost network for effective e-payment system.
Johnson assured that the ministry would continue to partner with the apex bank to achieve results.
The CBN gave awards to public and private sector operators who were outstanding in the use of e-payment system.
