CBN Says electronic transactions in Nigeria rose to N35trn in 2014 –CBN


The Central Bank of Nigeria (CBN) at the weekend dis­closed that the value of Nigeria’s electronic pay­ments (e-payments) rose to N35.1 in 2014 as against N18.1 trillion recorded in 2012.

According to the apex bank, the Nigerian Electron­ic Fund Transfer (NEFT), which stood at N13.6 tril­lion in 2012 recorded an increase of 7.5 per cent in 2014 to stand at N14.6 tril­lion while Point of Sales (PoS) in 2014 was N312 billion compared to N48 bil­lion recorded in 2012 repre­senting an increase of over 500 per cent.

Further analysis of the data from CBN showed that WEB transactions val­ued N65.6 billion in 2014 as against N31.5 billion in 2012, with NIP activities recording a tremendous growth in 2014 from N3.8 trillion in 2012 to N19.9 tril­lion while value mobile of transactions showed N296.9 billion in 2014 and N3.5 bil­lion in 2012.

cardsSpeaking at the inaugura­tion of the Payments System Strategy Board, Payment Scheme Boards and Initia­tives Working Groups in La­gos Friday, the CBN Gover­nor, Mr. Godwin Emiefele, said that though the bank recorded a big milestone in electronic payments, it does not intend to rest on its oars. He said, “In retrospective, and interpreting the future of our payments system in the light of the present, we see our accomplishments as a stepping stone, bearing in mind that there are still a great deal to be done.”

He stated that to further deepen the adoption of elec­tronic payments in Nigeria, eight new industry verticals and their objectives, includ­ing agriculture, smart cities, government flows, hotels and entertainment, trans­port, education, health, bill payment and direct debits, have been identified.

The CBN boss explained that to achieve its objec­tives, the bank invited nom­inations from stakeholders for people capable of serv­ing in any of the new initia­tive working groups, one for each industry vertical, com­prising the user community, banks and other service pro­viders. The groups will work on the principle of identify­ing quick wins for an initial period of two years, with an option to extend for another two-year term, subject to the level of achievements.

“In addition to these eight new initiative work­ing groups, the existing four special interest working groups and one initiative working group will con­tinue to function, to achieve the objectives earlier set for them, more so with the in­jection of new members into the groups,” Emiefele said.

He noted that in order to provide strategic direc­tion for the National Pay­ments System, the Pay­ment Systems Strategy Board (PSSB) is being put in place. This body will re­place the National Payment Systems Council (NPSC) and will be the pinnacle organisation for the gov­ernance, management and operation of the Nigerian Payment Systems.

The board, which shall be chaired by the Gover­nor of CBN would have the Minister of the Ministry of Communication Technolo­gy, the Accountant General of the Federation, the four Deputy Governors of CBN, the Chairmen of the four Payment Scheme Boards, independent directors from the end-user community represented by the Director Generals, NACCIMA and Consumer Protection Coun­cil, the Director Generals of the Securities and Exchange Commission (SEC), among others, as members.

Source : SunOnline

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