The
Central Bank of Nigeria, CBN and operator in the e-payment system have decried
low patronage of electronic, e -payment channels in the country, stating that
cash continues to be the predominant method used for transactions.
They also said that cheque system remains the
second most important payment medium in the national payment system.
The
Director, Banking and Payments System, CBN, Mr. Dipo Fatokun who disclosed this
said “The success recorded so far on e-payments has been encouraging
considering where the country started.
“Electronic
payments channels have been broadened with several options such as online web
payments, electronic funds transfer, various forms of cards, Point of Sale, POS, ATM non-cash transactions
etc.
The
channels are recording enormous growth. As an instance, the NIBSS Instant
Payments (NIP) used for online transfers has grown at an annual growth rate of
