Expert recommends solutions to Nigeria’s e-payment systems

An economic expert, Ogechi Ifeoma Anya, has recommended some viable solutions to some of the challenges facing the country’s electronic payment systems.

She revealed these solutions in an article where she explained the background of the system, operations, challenges and possible solutions to Nigeria’s electronic payment systems.

Speaking about the impacts of e-payment system on the country’s economy, she said:“There are several advantages of digital currency for businesses, banks, and other financial organizations.  Digital money is a form of digital payment technology that can be used to make secure online purchases with the anonymity and convenience of traditional cash. A trustworthy electronic cash system can protect the privacy of its legal users while making it possible to track the origin of any counterfeit bills or laundered funds. To protect the financial institution, it is possible to revoke the digital cash’s anonymity if criminal behavior has taken place. Digital currency is an infallible method of preventing the unauthorized dissemination of content since it is possible to track instances of double spending, which in turn safeguards content by revealing the identity of the double spender.”

However, quoting some of the challenges according to her, even in the industrialised world, the many advantages of electronic payments are not without their drawbacks.

According to Ogedebe and Babatunde (2012) in Sumanjeet (2009), the main obstacles to e-payment center on integrity and making sure money isn’t changed while being sent. To ensure that all parties have indisputable confirmation of delivery, without regard to their reputation. To ensure privacy and prevent snooping, or the disclosure of sensitive information during a transaction. To ensure a lower rate of failure, or reliability, we conduct tests. Authorization and ensuring that people are properly acknowledged and given the appropriate access.”

Meanwhile, while preferring some lasting solutions, she wrote: “More awareness is needed to attract unbanked persons.

2. Banks must educate and promote electronic payments so Nigerians will use them. Electronic payment can reduce cash’s difficulties. Cash and checks go through multiple stages, increasing their loss or theft risk. Transport and counting are examples. Most Nigerians don’t understand e-payments’ benefits and are slow to use them. Training for bank executives will help boost e-payments.

3. Nigeria’s government should embrace electronic payments.

4. Develop and standardise applicable legislation for electronic approval processes, consumer protection, and e-transactions.

5. Government and commercial organizations should enhance the essential infrastructure by fostering technology development, recruiting professionals, and extending high-speed information networks to foster e-payment.

6. A stable power supply is needed to appreciate the benefits of the new payment scheme (EPS).

7. CDs/flash drives should be secure and delivered as intended,” she highlighted.