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