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Udom seeks improved innovation to drive e-Payment

By on December 8, 2015

Governor Emmanual Udom of Akwa Ibom State has called for more innovation to drive adoption of electronic payment in Nigeria.

He made this call at the annual retreat of the Committee of E-Banking Industry Heads (CeBIH) in Uyo.

Represented by the Commissioner of Finance, Mr. Akan Okon, the governor said while CeBIH had contributed significantly to the growth of e-payment in the country, there was need to do more in terms of sound policy framework, innovation and awareness.

He said: “I will like to urge you to incorporate global best practices in the promotion of adoption of electronic payment, and this requires the cooperation of every stakeholder. Furthermore there is need to evolve policies by the regulators and the agencies that will promote innovation in the electronic payment industry.”

“Beyond a sound regulatory framework, we cannot drive the adoption of electronic banking without the right technology, the right standard, and above all, a sustained and robust awareness of the Nigerian public.

“I think we have not done enough in letting our people see the need to embrace electronic banking, which is the best for our society. Granted that we are still in the transition period, more commitment is required to strengthen the consumer confidence that these policies will enhance efficiency, transparency and sustainable development.”

Speaking on the theme of the retreat, which is, “Mobile Payments for Financial Inclusion: Prospects and Challenges,” the Chairman of CeBIH, Mr. Tunde Kuponiyi, said the retreat was designed to build on the growth recorded in the e-payment industry in the last five years.

According to him, the volume of POS transactions had moved from less than three million in 2010 to over 40 million in 2014, while mobile payment moved from less than two million to about 30 million in the same period as published by the CBN.

“We are by no means implying that the results of the last five years or so is the best achievable in Nigeria. What we are saying is that we are now on the right path in the growth trajectory and the future is even pregnant with more success stories.

“And this will happen because of our collective and renewed drive on financial inclusion to bank the unbanked, coupled with the new awakening in the mobile payment space,” he added.