The Central Bank of Nigeria (CBN) has listed weak social infrastructure, skilled technology support, macroeconomic concerns, cyber threats and fraud as major challenges affecting the nation’s payment system.
The apex bank also said that effective operation of payment platforms is highly reliant on stable telecommunication networks and power infrastructure.
Presenting a paper on implementing a Robust Payment Architecture; Prospect, challenges and opportunity Mr Adefuye Adeyemi from the Payment System Management department of the CBN said that most of the ICT equipments for the online transactions are imported abroad, adding that depreciation of the naira and high inflation rate posed direct threat to the ability of the firms to constantly review their investment for more effective operations.
He said the banking and payments system is waning as many skilled and trained experts in the system have left the country for more lucrative jobs abroad.
Adeyemi said that given the freedom provided by the internet, many entities are carrying on regulated activities without the appropriate licenses and authorisation.
He however, said the activity of fraudsters has continued to threaten the resilience of the payments platforms, adding that collaborative efforts between the bank and the industry will help in curtailing the activities.
He said despite the challenges, the outlook for the payment system in Nigeria is very good and provides huge opportunities for economic revival and growth.
He said development in technology offers new vista for growth in the payment industry, adding that with the recent nationwide go-live cashless policy, transactions will grow in volumes and value and this will require a resilient and stable system to sustain the industry.
