CBN, operator decry low patronage of e-payment channels

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

Interswitch, East Africa’s Paynet Group combine businesses

Interswitch Transnational Holding, the leading pan-African integrated payments company, has reached a partnership agreement with Paynet Group, East Africa’s leading multi-institutional payments provider, to combine their businesses.

Interswitch says it will acquire a majority shareholding in Paynet Group and Paynet’s existing shareholders will become shareholders of the Interswitch Group.

Both companies emphasise that the deal will enable both to take advantage of fast-growing East- West Africa trade and continue to provide their customers, both businesses and government, with a trusted partner.

According to Interswitch, the new company will create an unrivalled payment infrastructure across East and West Africa, uniting financial institutions on a single network, integrating transaction solutions seamlessly into businesses, and creating a secure and convenient way to make cross-border transactions.

The new combined network will