By Amaka Ifeakandu
Lagos
As cashless policy continue to gain momentum in the nation’s financial system, the Central Bank of Nigeria has assured that it would provide facilities to tackle challenges militating against e- payment system in the country.
The apex bank equally assured that it is making necessary efforts at getting necessary legislation approved for the establishment of a financial ombudsman even as it is speeding up actions to deploy appropriate technology to address consumer challenges associated with the use of the electronic payments system across the country.
The director, Banking and Supervision, CBN, Mr Dipole Fatokun gave this assurance over the weekend in Lagos at the Finance Correspondents Association of Nigeria (FICAN) 2014 Annual Conference.
According to him, the theme of the conference, E-Payment System in Nigeria: Past, Present and Future was apt at a time like this when the country is witnessing significant and interesting development in its payments system.
He noted that the CBN was not unmindful of the challenges associated with strengthening the electronic payments system culture. He enumerated the challenges to include infrastructural issues, lack of understanding of cash less policy, illiteracy, Consumer protection which, he said is also a key challenge for financial sector, especially with the low level of sophistry of the people on financial services.
In addition to ensuring that appropriate technology such as the chip and PIN for card transactions, are deployed, he assured that the apex bank is mandating all banks to comply with requirements for highly secured online payments platform by implementing cutting edge electronic banking security solutions including but not limited to the implementation of hardware tokens, behavioural monitoring, SMS/Email transaction alert, and anti-phishing solutions.
Fatokun however said that CBN in collaboration with the Bankers Committee is implementing an industry-wide anti-fraud system to manage risks, minimize fraud and respond promptly and adequately to emerging fraud trends even as he stated that the Nigeria Electronic Fraud Forum had continued to explore options at improving strategies for tackling fraud in the Nigerian payments landscape.
“Similarly, we are encouraged by the progress the country is making on infrastructural issues especially with the Power reform which has led to the privatisation of the distribution and generations companies. We are hoping that as electricity improves, our drive for electronic payments will benefit especially as telecom infrastructure will be positively impacted thereby resolving connectivity issues
We are however exploring other options such as our project with NIGCOMSAT to leverage the satellite technology for improvement of connectivity for our various payments channels”, he stated.
Also speaking, the guest lecturer, the Managing Director/Chief Executive Officer NEXTZON Business Services Limited, Mr Mac Atasie stated that though there has been maximum growth in the use of e-payment across country, it still remained below expectation compared to the number of subscribers to mobile phones.
Atasie who was represented by Wale Ogunsola noted that people are indifference about using e_payment system because they are afraid of fraud and other related activities. But he assures that appropriate measures are in place.
He noted that volume and value of ATM transactions amounted to 375,487,756 and N1,984.65 billion, in 2012 respectively, reflecting an increase of 8.1 and 27.1 per cent over the volume and value of 347,569,999 and N1,561.75 billion, respectively, in 2011.
While volume of mobile payments decreased by 37.0 per cent to 2,297,688 in 2012, from 3,649,374 in 2011, while the value increased by 65.8 per cent to N31.50 billion in 2012, from N19.0 billion, in 2011
