capacity in handling
transactions.
This charge was made by the Governor, CBN, Godwin Emefiele, represented
by Deputy Governor, Financial Systems Stability, Aishah Ahmad, at the
2019 Electronic Payment Incentive Scheme (EPIS) Efficiency Awards
ceremony organised by the CBN and the Nigeria Inter-Bank Settlement
System (NIBSS) recently, in Lagos.
According to him, the industry has successfully grown transaction
volumes across different platforms and network, but needs to put in
place a champion system that would support the achieved growth.
He said: “The payment systems have clearly improved and should continue
to improve. A great number of fintechs supporting faster payments,
developments, advancements and the adoption of mobile as the bank
channels also made it very easy to conduct transactions.
“Transformations in the industry are driving the increase in transaction
volumes but despite all the progress made, electronic transactions even
though they have grown are not at that expected level yet and the
tendencies of increasing digitisation and technologies is that we have
so many insiders to work with.
“This award ceremony brings all of the players together. We are
responsible for the transformation that is happening in the finance
industry and we are responsible for achieving this milestone.”
He noted that the CBN will continue to cooperate with stakeholders on
how to foster innovation and allow foreign players to come into the
market, which would help increase financial stability.
“The categories of the awards reflect the CBN’s aspiration for the
payment system. It recognises the leaders that are both in bank and none
bank categories in those critical areas the CBN is driving cashless
partner efficiency, innovation and better customer experience.
“We are very excited about partner incentives because it expands the
number of players in the financial system, managing assets for people
that are living in lower areas and the under banked areas as well.
“We have also introduced risk based cyber security framework for deposit
money banks and payment service providers. The goal is to get a payment
system that is nationally utilized and internationally recognised. We
want to promote efficiency, support innovation and manage the risk of
these new technologies,” he added.
He urged stakeholders to collaborate, share vital information and report
security threats in the system, stating that the industry has to move
beyond fund monitory and compliance and look for these threats and
eliminate them.
The EPIS Efficiency awards was established to reward and celebrate
financial institutions, merchants and other stakeholders at the
forefront of driving electronic payment in Nigeria.
Guaranty Trust Bank Plc. emerged a multiple award winner, winning the
Card Usage on Point Of Sale (POS) Terminal Award, POS Acquired
Transaction Award in the Cashless Driver Awards Bank Category,
Transaction Efficiency Award, E-Reference Operations Efficiency Award
both in the Real Time Payments Category.
The bank also won the Identity Service Driver Award, and the USSD
Transaction Award and also won the 2018 Bank of the Year Award. Among
other award winners were Bet9ja who won the Web Volume Award, Shoprite
winning Merchant POS Award, while Etransact won the Mobile Money
Operators Award both in the Non Bank Category.
The
Central Bank of Nigeria (CBN) has tasked stakeholders in the finance
industry to scale up their capacity to innovate by developing products
that would meet customers’ needs and enhance their Pages
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