Minister of State for Finance, Mr Remi Babalola has re-iterated the need for effective oversight of the E-payment system, as part of measures to ensure the efficiency and safety of the system.

He spoke at a seminar on electronic payment in Abuja yesterday, with the theme; “Promoting Best Practices for Payments in Nigeria ” organized by Citibank Nigeria Ltd and Accenture Nigeria .

The Minister noted at the seminar organized for Ministries, Departments and Agencies (MDAs) of government that the E-payment system has come to stay, as instrument of government financial transaction, but insisted on effective monitoring.

According to him, “The adoption of e-payment by the developing world, including Nigeria , has therefore become imperative, not only to boost business transactions but to enhance global. Competition.

“There is no doubt that the future of e-payment system in Nigeria is promising. However, an effective oversight of the payments system landscape is crucial to achieving a system that is efficient, safe, reliable and dependable” he added.