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The Central Bank of Nigeria has expressed optimism over success of the cash-less policy implementation nationwide.
This is coming on the heels of success recorded in six states which the Apex bank used as the pilot states.
Adebayo Adelabu, deputy governor, operations, told journalists at the Electronic Payment Incentive Scheme (EPIS) 2016 awards organised by the CBN and the Nigeria Inter-bank Settlement System (NIBSS) that the central bank was working to ensure that the aim of the cash-less policy is realised.
“As we all know that the function of any initiative depends on the amount of preparation that you do before you go into execution level. We have used about six states as pilot states. We have learnt our lessons, we have made mistakes and corrected and before we move into the other 30 states, all the learning points would be effected. So, we have spent so much time preparing for this and we believe we would not have any challenge when we go nationwide, Adelabu said.
He said the CBN decided to recognise those operators who have contributed immensely to the efficiency and effectiveness of the payment system in 2016, thereby encouraging them to do more in 2017.
Adelabu, who was pleased at recent developments in the payment system, said We have come a long way and we have grown so fast. Nigeria has been identified as the leader in Africa because of the advancement we have made in the payment system and I foresee faster, more rapid and more efficient payment system in the coming years, given the calibre of operators we have in Nigeria.”
Speaking at the award ceremony, Ade Shonubi, urged the banks and other stakeholders to sensitise members of the public on the cash-less policy initiative.
Every year we look at the past 12 months and we encourage banks with light competition, where we look at the efficiency and how well they have done in terms of increase in volume and efficiency. We have seen significant improvement in efficiency across most of the platforms. The error rate in PoS transactions which have been a very big problem for us has dropped significantly. The telcos have provided better network services and the banks have improved their system as well.”
However, Guaranty Trust Bank Plc emerged the winner of EPIS Most Customer Experience (Electronic Payment Platform Experience). The bank also won the ‘Cashless Driver Instant Payment,’ ‘Cashless Driver PoS Issued Cards Transaction,’ and three other awards.
Zenith Bank won the ‘Cashless Driver Bulk Payment’ and the ‘Cashless Driver PoS Transaction’ awards.
Lagos states won the Cashless Driver Government, while Ikeja Disco won the Cashless Drive Marchant award, and Benin Electricity Disco went home with the Cashless Driver Corporate award, among others.
