System Vision 2020, urging operators to mobilize available technology
to take mobile financial services to the grassroots.
Speaking at the International Conference on Payments System in Abuja,
CBN Governor, Lamido Sanusi, said the launching the PSV2020 Strategy
(Release 2) document was a proactive response to address the
identified deficiencies in the nation's financial market
infrastructure against the current 24 BIS/IOSCO Principles for
Financial Market Infrastructure (PFMI).
Mr. Sanusi said the revised system would also help to achieve a much
higher target for compliance than was possible in 2007 given the
remarkable strides recorded so far in the implementation of e-payment
in the face of constraining challenges.
The CBN governor, who recalled the various initiatives to promote
cashless transactions in the economy over the years, particularly
since the launching of the PSV2020 in 2007, identified a 7-point
strategic areas of focus in the implementation of the PSV2020 Release
2 in order to consolidate the gains recorded in the drive towards
higher e-payments compliance level in the country.
Mr. Sanusi said that the CBN would ensure that each payment scheme
were defined and the exact point at which payments were deemed to have
been 'final and irrevocable' formally documented, while implicit role
of 'Lender of Last Resort' for the RTGS payment system would be
removed by December 2016 and Deferred Net Settlement system by
December 2019.
He said the development of Payment System Vision 2020 document in 2007
provided a focused road map for efficient payments system
infrastructure utilised nationally and internationally.
Since inception, Mr. Sanusi said the CBN licensed 18 Mobile Money
Operators (MMOs), pointing out that on a monthly basis, transactions
worth an average of over N1 billion were currently being done through
the mobile platform.
He identified challenges affecting the payments system to include
infrastructure deficit (Power, communication network, etc.,); slow
adoption of e-payments due to prevailing cash culture; merchant's
apathy to point-of-sale (POS) terminals due to transaction fees; high
illiteracy level and cost of electronic banking services.
Other challenges include low level of public awareness on the
existence of some e-payment products; concentration of e-payment
facilities in the urban centre and unavailability of financial
services in most rural areas; lack of effective national
identification system and absence of e-payment laws or National
Payments System Act.
"The application of mobile technology for financial services,
especially in rural areas, will ensure that a large percentage of the
population outside the formal banking system would have access to
financial services," the CBN governor said.
He said that the draft National Payments System Bill, which is
undergoing approval process, would remove the legal barriers to
electronic payments, while the on-going implementation of biometric
solution as part of the requirements for the opening of accounts would
address the challenge of unique identifier in Nigeria.
In addition, the adoption of end-to-end electronic payments by
ministries, departments and agencies (MDAs) for the payment of
allowances to employee, pensioners and social beneficiaries would
boost card payment in Nigeria.
Minister of Minister of Communication Technology, Omobola Johnson,
underlined the importance of effective regulation of the financial
system, saying a robust infrastructural system would ensure that voice
and data were available to the en-users.
She spoke of continued collaboration with the CBN to ensure not only
financial system efficiency, but also financial inclusion that would
allow more people to sign on the cashless platform, adding that the
ministry has already submitted a draft Nigerian anti-Cyber Crime Bill
to the National Assembly.
The law, she said, would impose stiff penalties, including death
sentence on perpetrators of fraud using the mobile platform.
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