Don't Miss


Home   >   Market - Finance   >   Finance   >   No shift on e-payment start date – CBN

No shift on e-payment start date – CBN

By on December 20, 2011

The Central Bank of Nigeria (CBN) has fore closed a shift in the January 2, 2012 commencement date for the implementation of electronic payment system in the public and private sectors of the economy.

Also, financial services providers including banks are to be punished under the New Approved Guidelines for Electronic Payments for any infractions while rendering services to beneficiaries.

Speaking in Abuja at the last lap of the CBN/Public Stakeholders’ Forum on the implementation of approved guidelines on e-payments of government suppliers, taxes, salaries and pension in the country, Deputy Governor, Operations, CBN, Mr Tunde Lemo, urged stakeholders to quicken the adoption of e-payment solutions, which have been certified by the apex bank.

He said the apex bank would continue to take necessary actions to restore and sustain public confidence in the Payments System through relevant policy measures.

Lemo stated that the overall destination of the drive for an efficient payment system, is where transactions are initiated and concluded without recurs to manual intervention. Some of the expected benefits include of e-payments includes improved operational efficiency through reduction in manual processes and associated errors; ability to make payments at anytime from anywhere, safety of funds and lives; monitoring of transactions every step of the way, improved transparency and accountability and increase in Internally Generated Revenue (IGR).