The Governor of the Central Bank of Nigeria

(CBN), Mr Godwin Emefiele says the country has recorded an impressive

growth in the electronic payments system in the last eight years.

Emefiele said this at the inauguration of the payments system strategy

board, payment scheme boards and initiative working groups on Friday in


He said that the CBN’s efforts to ensure that Nigerians move away from

cash economy had been progressive, particularly through the Cash-Less


Emefiele said that it was important to deepen the use of e-payments in

the country as a major economic force within Africa and because it had

become an active player in the global economy.

The CBN governor said that the country would to continue to participate

actively in payment system in accordance with global best practices.

In March 2007, the CBN

launched the Payment System Vision 2020 (PSV2020), to transform the

nation’s payment system.

”This programme started in 2007 and some progress have been made

through the cashless initiative by making sure that Nigerians move away

from cash economy into a cashless economy.

”I think we have made some progress in that director and what we are

trying to do is to further deepen this initiative and try to see how we could

further eliminate the use of cash in our system.

”Here, what we are saying is if you want to make a bill payment ,you

want to do anything, we should begin to see ourselves as an economy

that will do without cash.

”We also need to reduce the use of cash, cheques but embrace electronic

payments system and get as many people as possible who are currently

excluded to begin to be included.

”That is why you will find that the membership of the board and technical

committee set up cut across not only the banking system but government

and private institutions.

”We have made some significant achievements so far in this journey but

lot still remains to be done,? the governor said.

He said that the CBN had been able to record some achievement which

include the implementation of Nigeria Uniform Bank Account Number


Emefiele said that the initiative had led to the deployment of new RTGS

that was built on the Society for worldwide Interbank Financial

Telecommunication (SWIFT) messaging standard.

Emefiele said the initiative also included the introduction of Cash-Less

policy and deployment of the Scrip less Securities Settlement System

(SSSS), among others.

Earlier, the Deputy Governor, Operations, Alhaji Suleiman Barau, said that

the inaugurations was part of the CBN’s efforts aimed at transforming the

nation’s payment system.

Barau, who was represented by Mrs Sarah Alade, Deputy Governor,

Economic Policies Directorate said that a functioning national payment

system was essential for an efficient financial sector.

He reiterated that it would increase the confidence in the banking sector

as well as foster economic development.

”Since the implementation of the PVS 2020 initiative in collaboration with

the banking community and other stakeholders, Nigeria has witnessed an

impressive growth in electronic payments system.

”It has also led to a steady shift from the dominance of cash payment,”

he added.

Barau said that in 2012, the Nigeria Electronic Fund Transfer (NEFT) stood

at N13.6 trillion in 2012 and rose to N14.6 trillion representing an increase

of 7.5 per cent.

He also said that the Point of Sales (POS) recorded N48 billion in 2012

and went up to N312 billion in 2014 representing an increase of 550 per


The deputy governor added that internet transactions known as the WEB

rose from N31.5 billion in 2012 to N65.6billion in 2014, representing 108

per cent

According to him, the Nigeria Interbank Payment (NIP) increases from

N3.8 trillion in 2012 to N19.9trillion in 2014 with a growth of 423 per

cent .

Besides, he said that the mobile money rose from N3.5 trillion in 2012 to

N296.9 billion.

”We are aware of the tremendous effort made, the large investment of

funds and human capital by your respective organisations in ensuring the

success we have achieved so far concerning our payments system.

”We would like to extend our gratitude and thanks to all the role players

for making it possible for the dream to become a reality,” Barau said.


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