Effective e-payment system critical to banking services – Sanusi

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By Babajide Komolafe

Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, CON, has maintained that effective e-payment system was critical to banking services in the country.

Speaking in Lagos during the  keynote address at the CBN/Gartner event, Sanusi said that the CBN remains committed to realizing the vision of providing Nigeria with a secure, robust and accessible payment infrastructure.

Describing the payments system as an important component of services that banks render to Nigerians, Sanusi emphasized the importance of effective, efficient and safe  service delivery to the Nigerian banking populace.

Speaking on the theme: “Secure, robust & accessible payments infrastructure,” the CBN Governor disclosed that the Bank had taken deliberate actions in recent times to focus attention towards electronic payments as a veritable option for efficient payments service towards the promotion of rapid financial inclusion and increased economic  activities.

According to him, “the success of a country’s payments system is evinced by perceptions of its security, robustness –that is, the ability to cater for a wider range of  preferences –and its ready access to the end –user.”

Speaking further, Sanusi said that the Cash-lite policy was introduced to, among other  things, meet FSS2020/Vision 2020 requirements for regional and international integration and modernize the payments system in Nigeria. “This is just one step towards the credible, reliable, & efficient payments system that is CBN’s dream,” he added. .

Reviewing the previous payments system, the CBN Governor recalled that the financial system in Nigeria was largely characterized by a cash dominant and weak electronic  payments platform.

He, however, expressed satisfaction that there is now greater  speed in financial transactions, hugely attributable to the evolution of Information  Technology, which he described as being key to the transformation in payments System

“That information technology is a key part of this transformation is almost a misnomer – IT is the very fabric of such transformation. Far from being merely a support function to operations, IT has evolved as a key enabler of competitive advantage, innovation and security,” Sanusi declared.

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