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