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Tag: e-payment

  • e-Payment summit ends

    The third edition of e-payment for Government Summit 2014 held at the Shehu Musa Yar’adua Centre, Abuja, has ended. The event, organised by the e-Payment Providers Association of Nigeria, held from July 8th-9th. It was an annual gathering of different stakeholders from the federal government, state governments and other government agencies, which came together to design a roadmap for the e-payments sector in Nigeria.

    This years’ event was themed ’Increasing Government Revenue Generation Using E—Payment Services’ and issues discussed ranged from ways to drive the adoption of mobile money, enabling e-payments for the National Housing Fund, to the payments side to the national identity card scheme, the role of government in payments, etc.

    In attendance to contribute to the conversation and showcase some of its numerous products specially created to cater to the needs of the government, was eTranzact International Plc, Nigeria’s first award winning multi-application and multi-channel electronic transaction switching and payment processing system,. Also in attendance were other e-payment providers like Interswitch, Citiserve, Unified payments, Nibbs, NimC, etc.

    Giving a keynote at the event, Mr Sullivan Akala, Executive Director (Business development) of eTranzact, who represented Mr Valentine Obi, CEO of eTranzact International PLC said; “This is a summit we particularly look forward to every year. Since its inception, it has provided an avenue for key stakeholders to come together and set agenda that would truly move e-payment in Nigeria to the next level.

    “Every year at this summit, eTranzact has had several things to celebrate and even more this year as we have been working hard on different projects that will truly help achieve the different e- payment goals we have as a nation”.

    eTranzact International PLC provides e-payment services for the Nigerian Police Force, PHCN and several other government agencies, and also powers e-payment for the National Housing Fund.

    Other keynotes and presentations were given by Chris Oyemenam, DG/CEO,National Identity Management Commission (NIMC), Mr. Macauley Atasie, MD/CEO of Nextzon, Mr. I. Kemabonta, Director Standards, Guidelines and Regulations, NITDA and other top dignitaries.

  • Why shoppers, retailers are turning to e-payment

    Why shoppers, retailers are turning to e-payment

    The e-payment system is catching on fast, as most shoppers and retailers ride on the platform to make buying and selling easy and also eliminate the inconvenience of carrying cash for deposits and withdrawals, TONIA ‘DIYAN reports.

    It took quite some time for Rachel Udenmma to fully come to terms with the cashless payment initiative introduced into the country by the Central Bank of Nigeria (CBN) about two years ago. Having savoured the convenience of the cashless or e-payment system, Udenmma has now developed trust for the initiative.

    Today, she easily makes use of any of the e-payment systems available. Rachel pays with her Automated Teller Machine (ATM)card whenever she goes shopping. She now transfers money from her ATM card to someone’s account instead of withdrawing cash. She also prefers to transfer money into people’s account using the money transfer system from one bank account directly to another.

    Indeed, these and many other e-payment methods, which Udenmma now uses are proves that she has fully embraced the e-payment system cards or any other means of payment other than cash for her daily transactions. While sharing her experience of the enormous benefits the e-payment system offers her, she said, “People do not want to risk their lives carrying cash around, but they still do not know what the initiative entails even after two years of its existence.”

    She advised that more should be done in the area of awareness particularly at the grassroots level particularly by the Nigeria Interbank Settlement Scheme (NISS), the Central Bank of Nigeria (CBN), and other stakeholders saddled with implementing the policy.

    Her advice appears to be late in coming, as not a few retailers now encourage their customers to embrace the e-payment system. “Retailers are now always willing to accept cards and other means of payment, discouraging their customers and clients from carrying cash, most times because of the stress they have to go through trying to give their customers change after they have made purchases.” Udenmma said.

    Checks by The Nation Shopping show that many shoppers and retailers who were originally pessimistic about cashless economy have abandoned their conventional ways of transacting business and embraced e-payment. This was after they realised the enormous benefits of the cashless initiative. Some people now shop with e-payment solutions to enable them keep within the CBN daily cash limits and avoid paying huge cash while transacting businesses, among other benefits.

    The e-payment system has indeed, come to stay. Today, Nigerians walk along Broad Street, Marina, and other commercial centres in Lagos and its outskirts with various electronic cards comparable in weight to ordinary call cards. Some e- payment platforms include the ATM, Point of Sale (POS) terminals, and mobile payments.

    For shoppers and retailers, the e-payment option is highly convenient, safe, efficient, and fast. For instance, shoppers can make instant payment through mobile devices such as mobile phones, laptops, desktops, notebooks, tablets (i-Pads, etc) and even through Internet banking and from any bank branch, with beneficiaries receiving instant value. This removes the attendant risk of being trailed by fraudsters and criminal minded people as a result of being in possession of huge cash.

    Apart from speedy conclusion of transactions, electronic payments lower the cost of doing business and saves time. It also reduces cases of corruption.

    It is no longer news that Nigeria has joined the league of countries who have embraced the electronic payment system. The news is that stakeholders have said there are numerous benefits accruable from the adoption of e-payment platforms, therefore; they enjoin more Nigerians, especially those who are involved in buying and selling business to fully embrace the commendable initiative. They have also provided infrastructure upgrade that would strengthen electronic payment platforms, including the Automated Teller Machines, Point of Sales’ terminals and mobile payments in the country.

    A statement by NISS in conjunction with the Association of Heads of e-channel of banks urges Nigerians to adapt their lifestyle to embrace this quick and convenient payment mode.

    These e-payment platforms have become a globally acceptable means for financial transactions and Nigerians cannot be excluded. They are described as highly convenient, safe and efficient. The improved efficiency of the e-payment platforms enhances greater penetration and accessibility to financial services by the people said Nigeria Interbank Settlement Scheme (NIBBS)

    According to the company’s head of public sector, Osamuede Odiase, an upgraded infrastructure would go a long way to give cash-less economy a boost in the country.

    Disclosing that a joint technical committee from the financial and telecommunications sectors, with other stakeholders, would look at the possible ways of mitigating the growing network challenges threatening the growth of e-payment transactions in the country Odiase said; He however acknowledge that there had been ‘quantum leaps’ in the volume of e-payment transactions in Nigeria.”You are better off transacting your business through Point of Sale (POS) and Instant Payment platforms.”

    Also, looking at the security challenge angle, Nigerians have been advised to adopt the global practice of using e-payment platforms to conduct their business transactions, particularly in the face of prevailing security challenges in the country.

  • Skye Bank unveils product to enhance e-payment

    Skye Bank unveils product to enhance e-payment

    Skye Bank Plc has unveiled innovative technology to provide  secured and more convenient direct banking solution to its customers in line with the cash-less policy of the Central Bank of Nigeria (CBN).

    Known as SkyePLus, it was unveiled on the sideline of the lender’s Annul General Meeting (AGM)  in Lagos.

    Speaking on the occasion, its Chairman, Mr. Olatunde Ayeni, said the bank has remained leaders in the area of deploying the right technology to engender seamless and flexible banking transactions for its customers across the country.

    He said: “We deploy technology as best as we can as available, because we believe that banking today and tomorrow will continue to be dependent on technology. It is our belief that we need to deploy technology to be able to grow our economy as part of member of information and communication technology-driven global economy.

    He said the bank has been consistent in its vision to deploy the new platforms for engendering much more convenience in the banking activities for its customers. Ayeni said the process leading to the launch of SkeyPlus has been on for the past 18 months. “We will continue to make our customers enjoy the best and innovative technology means and applications that make them enjoy banking services in a more convenient and efficient way,” he said.

    Its Chief Executive Officer designate, Mr. Timothy Oguntayo, said the deployment of the new platforms was informed by the need to ensure flexibility and more convenient banking solutions for the bank’s customers using the shor message service (SMS) platform,  Internet and mobile applications. Listing the features and services of SkyePlus, Oguntayo said, “The new banking platform allows customers to check their balance and manage their account; set up standing order instructions and Direct Debits; transfer money, pay bills o people instantly; request for a new checkbook, Automated Teller machine card or bank draft; stop lost or stolen cheque and hotlist debit cards; as well as switching on text alerts to keep track of their accounts on the move.

    “He further explained that in terms of security, the bank has deployed top security measured called ‘SkyeSecure’ to enhance the security of the platform. He said: “We are fully aware of the fears which most banking customers have today, especially with the growing rate of cyber crimes and all forms of online frauds. This is why we have partnered with a global security firm to deploy SkyeSecure on our banking platform.

    “Oguntayo also maintained that, as a way of conforming to the international standard stipulated by the Central Bank of Nigeria, Skye Bank has started the process of compliance with the PCIDSS.”We’re PCI-DSS-compliant and I can tell you that we are at the appropriate stage where we should be now  and we are working with the CBN and our consultants on this and very son, we are concluding this,” he added.

  • Bank to boost e-payment

    Bank to boost e-payment

    Fidelity Bank Plc is working  on Information Technology  (IT)-driven transformation projects to boost  electronic banking, its Managing Director, Nnamdi Okonkwo, has said.

    Speaking at the bank’s Annual General Meeting in Uyo, the Akwa Ibom State capital, he said the projects would be handled by experts.

    Okonkwo said: “We have also restructured our sales force into a flatter and more nimble organisation, which is closer to the customers and aggressive enough to drive our market share aspirations in order to achieve our corporate strategy. We are centralising our processing functions which will reduce our cost to serve and improve uniformity of customer service.”

    He said the bank’s shareholders okayed a 14 per ordinary share of 50 kobo dividend payout for its investors.

    Okonkwo said the bank has adopted a mantra tagged: “Back to the basics, forward to the future.” This, he explained, involves its drive to build a performance-driven organisation on the back of product innovation, superior customer service and to enable it compete fiercely in the retail and electronic banking segment with technology driven innovation.

    He said the bank’s resolve to support the productive sector and grow a new generation of passionate entrepreneurs led to the creation of the Fidelity Managed SME team that provides financing, business advisory services, capacity development and shared technology platform to SMEs.

    “We hope to remain steadfast in encouraging Nigerian entrepreneurs through delivering special products and services, and improved platforms for knowledge sharing and business advisory services,” he added.

    Last year, he said, the bank expanded its foray into some new and key sectors by establishing and growing a relatively balanced and sustainable business portfolio that would provide a consistent revenue stream in the years ahead, adding that its collection of business in both public and private sectors has continued to improve on the back of the redeployment of more efficient platforms.

     

  • CBN tackles govt revenue leakages via e-payment

    CBN tackles govt revenue leakages via e-payment

    The Central Bank of Nigeria (CBN) has initiated processes aimed at blocking revenue leakages in government and private sector.

    The apex bank has mandated banks to dishonour payment instructions for salaries, pensions, suppliers and tax payments not transmitted through the electronic or e-payment channels.

    According to a guideline on e-payment of salaries, pensions, suppliers and taxes, released by the CBN, the policy applies to organisations with over 50 employees.

    This, it said, means that instructions and associated schedules are no longer to be routed to Deposit Money Banks (DMBs) by public and private sector organisations through unsecured channels, such as paper-based mandates, flash drives, compact discs (CD), email attachments, among others.

    The CBN said the process would reduce time and costs, minimise and provide reliable audit systems, thereby making the payments system to comply with global payment standards.

    It said the action was also taken to promote transparency and accountability in governance and increase internally generated revenue (IGR).

    The policy is also expected to ensure confidentiality of information of e-payment of taxes, salary, pension and suppliers.

    It said henceforth, payment instructions and associated schedules are no longer to be transmitted to banks by all public and private sector organisations through unsecured channels such as paper-based mandates, flash drives, compact discs, email attachments, among others.

    The transactions must be routed through bank approved electronic platform which transmits the instruction to debit a payer’s account and credit a beneficiary’s bank account, mobile account, electronic wallet or any other electronic channels.

    It also entails the ability of a payer to independently monitor and obtain electronic feedback on the status of any payment, at any time without depending on any third party, manual or semi-manual means.

    The CBN had earlier sent a draft guidelines on the policy to commercial banks and payment service providers for ratification. The exercise is in line with its powers as provided in the CBN Act, 2007, Section 47, sub section 2(2d).

    It said the policy aligns with the objectives of the National Payment Systems of Vision 20: 2020 (NPSV), which ensures the availability of safe and effective mechanisms for making and receiving all payments from any location through multiple channels.

    The CBN said public and private sector organisations, which maintain relationship with employees, pensioners, suppliers and taxpayers and other entities, are considered as relevant stakeholders required to work for the success of the policy.

     

  • E-payment transactions hit 20%, says CBN

    E-payment transactions in the country have hit 20 per cent, the Central Bank of Nigeria’s Deputy Governor, Operations, Tunde Lemo, has said.

    He spoke on the sideline at the just-concluded International Monetary Fund/World Bank meeting in Washington DC.

    He said: “Let me give you some statistics on the study done by Financial Derivatives, that company is not in any way connected to the CBN, because it has been very critical of the CBN. They are likened to be very credible.

    “Prior to the introduction of the electronic payment system, only about two per cent retail transaction were settled electronically. If you visit a typical supermarket, or retail outlet, just about two per cent of what happens there were settled electronically. But as at two-three months ago, when they conducted that study, we ratcheted that number from two per cent to 20 per cent,” he said, adding that the improvement is worth celebrating.

    “Yes, we can say that 20 per cent is still low because in developed countries the numbers are up to 70 to 80 per cent, but I think we should celebrate the rapid improvement from two to 20 per cent within one and half years of its implementation.

    He also said figures for last Friday exceeded N119.9 billion.

    Lemo, who spoke against the barrage of criticisms that the apex bank’s cash-less initiative has not met with users’ expectations, said more volume transactions have, indeed, been done under the cashless regime, than was actually anticipated.

    To buttress his argument, he said transactions in physical instruments, such as cheques, are declining with a corresponding increase in e-payment instrument, adding that last Friday alone, over 137,000 transactions were done through the Nigerian Electronic Funds Transfer (NEFT), resulting in movement of over N59 billion, as against 69,739 cheque payments yielding N33.9 billion.

    He said 86,711 transactions went through the Nigerian Interbank Settlement System (NIBSS) yielding N59.4billion, while 35,529 transactions totalling N540million were done in Point Of Sales (PoS) transactions.

    Lemo said about 80 per cent of the transactions were executed within the Lagos operational area, saying that with the expected increase in coverage to other states, the cash-less initiative would be further deepened.

    While admitting that there are challenges in the payment system, he nevertheless faulted claims that many of the PoS were not functional. “You can say we still have challenges, but I will not agree with you that most of the PoS terminals are not working,” he said.

    He explained that besides the challenges of connectivity, the banks have moved from a little over 5,000 terminals in January of last year to over 200,000 POS terminals, saying that at the moment, 77,000 of the terminals are in the Lagos area. Don’t forget that we rolled out to six other states across the country, he added.

    Lemo agreed that there are connectivity problems. “We have challenges about bandwidth of the telecommunications service providers largely because of the rapid deployment of the terminals. We spoke to the service providers on the need to improve bandwidth which they did and we saw have improvement in the Lagos area, he said.

     

  • Research key to e-payment development, says expert

    The rapid growth of electronic payment across the continent is driven by innovative products occasioned by huge investments in research and development, Managing Consultant Intermac Consulting, Mr Adeyinka Adeyemi, has said.

    Speaking at the maiden edition of the Card and e-Payment Africa Awards (CePAA) in Johannesburg, South Africa, the Intermac boss said: “There is just nobody noticing the huge investments going into research and development to bring about new technologies and new solutions. Sometimes these solutions succeed, sometimes they fail and when they fail what most stakeholders tend to do is go back to the drawing board, spending double and sometimes triple until they get to the market.

    “Now once they get to the market with a fantastic product like Mpesa for instance, nobody recognises that effort, even though they are making money, they are selling services and we believe that we must come to terms with the fact that there are people that are doing a lot of work to get the products to the shelves, to get technologies that will work to the table and to the shelves. And that is why we came up with the concept of Cards and E-payment Africa Awards (CePAA).”

    Corroborating Adeyemi, Charlton Goredema, the Vice President and Area Business Head for Southern Africa and Indian Ocean Islands of Mastercard Worldwide, while receiving the award for Best Security and Authentication Programme, said card use and acceptance in Africa has become phenomenal, especially given the volume and value of transactions recorded daily for ecommerce.

    He said the financial institutions and payment system providers who are making this convenience and security happen should be recognised for their efforts and investment in innovative products and services.

    The event featured 12 categories of awards with Diamond Bank, and the Congo subsidiary of Access Bank, emerging among the winners. Diamond Bank won the Best Credit Card Product of the Year and the Best Co-branded Card Programme while Access Bank Congo won the Best Debit Card Product of the Year award.

    The Best Mobile Payment Product award was won by Fundamo (PTY) South Africa, while DrawCard, South Africa won the Best Alternative Payments Programme award. Master Card emerged as the winner of the Best Security and Authentication Programme, while the Best Card Benefits Programme of the Year award went to Absa Bank of South Africa. Other awards were:  Best Card Processor of the Year won by HPS Worldwide, Morocco; Best POS Integrator of the Year won by Transaction Payment System (TPS) Zimbabwe; and Industry Personality of the Year won by Mr. Jose G. Matos, Chief Executive Officer, Emis Angola.

    Speaking while receiving the Personality of the Year award,   Jose de Matos, Managing Director of Empresa Interbancaria de Servicos (EMIS), commended Intermarc Consulting for its leadership, passion and commitment in organising the award.

    Receiving the Best Card Benefit Programme of the Year award on behalf of Absa Bank South Africa, Juanita Matelakengisa, the Chief of Staff – Card and Consumer Finance, noted that since  similar awards are being held in Europe, Asia and America for those continents,  developments in the card space across Africa need to be recognised and success stories celebrated.

    On his part, Lincoln Boweni, a Director with eTranzact Global South Africa (Pty) Limited, who received the Best Mobile Payment Initiative of the Year for his company, praised the organisers for a successful event and encouraged key stakeholders in the epayment industry across Africa to  celebrate success stories as the African electronic transaction industry has come of age.

    The Executive Director, Diamond Bank Nigeria Plc, Uzoma Dozie, while receiving the Best Credit Card Product of the Year and Best Co-Branded Card Product of the Year, said Diamond Bank was happy to receive the awards, which will further encourage the bank to focus on providing excellent customer experience across electronic channels.

    The 12 award winners emerged through an online voting system on the Card and ePayment Africa Awards website. The voting was supervised by a panel of Judges comprising   six industry experts from the card and epayment sector across Africa with experience within the industry brought together for the selection of winners.

    Adeyemi explained, “The aim of the Award is to recognise and reward excellence and cutting –edge innovation in the card and electronic payment market in Africa.  This is the trend in Europe where Cards Awards (Europe) is hosted annually in London and in Asia, where Card Awards Asia is hosted annually.

    “Unlike other parts of the world where such companies are recognized for their R and D roles, and turning out new innovations; in Africa we don’t do that. So we said to ourselves, we can change all of that in Africa and do even better what the stakeholders are doing in Europe, the US and Asia.

    “The first one was held at the prestigious Michelangelo hotel in Johannesburg on the thirteenth of March and it was a huge success. Because we had people from Ghana, from South Africa, from Congo, from Zimbabwe, all over Africa, attending that event and everybody had the same thing to say with the need to support this initiative because we need to recognize achievements, and that essentially is the vision of INTERMAC consulting by putting this award together.”

     

  • Banks seek acquirer licences for e-payment

    Banks seek acquirer licences for e-payment

    TO participate in the e-pay-ment market, banks have initiated moves to get acquirer licences. They are to get the licences from card association like Mastercard, Visa and others.

    An acquiring bank (or acquirer) processes credit and or debit card payments for products or services for a merchant.

    The licence enables the lender to accept or acquire credit card payment from card associations such as Visa, MasterCard, American Express, Diners Club, Japan Credit Bureau, Attijariwafa Bank, and China UnionPay, among others.

    Speaking at the BT Africa conference in Lagos, Head Electronic and Personal Banking Sales, United Bank for Africa, Henry Obike, said Merchant Service Charge (MSC) must to be reduced from six per cent per transaction charged by some card associations to encourage a wider use of cards by bank customers and travellers.

    He said: “The charges are really an issue that needs to be addressed. But as a bank, we always ensure that we create value and that is why I am confident that before June, this year, we would secure an acquirer licence. This will boost competition and drop charges.”

    Visa Country Manager, West Africa, Ade Ashaye, said banks should let customers know what value they are getting by using their cards instead of cash. He said there should be a cost for cash and an incentive for using e-payment tools.

    He said Visa, a global electronic payments company, has reiterated its commitment to unlocking business potential within the Sub-Saharan Africa. “Visa plays an active role in travel and tourism and its research in the tourism industry provides key insights into the trends. We believe that continued engagement in the industry is important,” he said.

    Ashaye said Visa is committed to consolidating its position in the travel industry throughout Sub-Saharan Africa. He said the company has been instrumental in reshaping the payment landscape in West Africa with the introduction of several products, including the Visa Corporate card, for enabling secure and convenient cashless transactions within the region.

    “As Nigeria moves towards a cashless economy, we are looking to share the benefits of electronic payments with the travel industry. There were a number of interesting and lively panel discussions during the conference that affect the industry,” said Ashaye.

    He said Visa is committed to consolidating its position in the businesses arena throughout Sub-Saharan Africa. He said the company has been instrumental in reshaping the payment landscape in West Africa with the introduction of several products, including the Visa Corporate card, for enabling secure and convenient cashless transactions within the region.

    He said Visa’s approach is to minimise fraud in the payment system by building policies, tools and technologies that will help prevent fraud before it happens. Such technology he added, also protects vulnerable card data wherever it is stored, processed or transmitted throughout the payment system. It also monitors and manages fraud to ensure prompt response to issues. It also minimises impact to stakeholders, which include, cardholders.

    “This conference serves as a great opportunity for all those with a vested interest in West African business travel to come together under one roof,” said Dylan Rogers, of BT Africa.

     

  • Exposure draft on e-payment arbitration out

    Exposure draft on e-payment arbitration out

    The Central Bank of Nigeria (CBN) has released the exposure draft on e-payment arbitration, The Nation has learnt.

    In a circular to banks, mobile money operators and payment service providers, the apex bank called on stakeholders to submit their input on the draft to enable it arrive at the final framework.

    According to the circular, issues relating to number of agents, type and nature of agents including considerations for super agents, are critical areas being considered in the draft exposure, adding that processes for this line of banking to become functional in the country would be finalised by this year-end.

    The CBN said there had been improvements in the payment system, including the drive for financial inclusion.

    “The cashless economy initiative has tremendous benefits for the people and the economy. It would reduce the cost of cash handling and cost of funds, with available statistics showing that the apex bank and the deposit money banks (DMBs) would have spent over N200 billion on cash management by 2012. This cost can be ploughed into infrastructure development. It would also mean that majority of Nigerians would stop subsidising the cash handling cost of heavy cash users,” it said.

    It said electronic banking was introduced to give a new face to financial transactions adding that there are various aspects of electronic transactions, adding that telecommunication firms play important roles in this regard. The apex bank also ordered banks to change from strip-based to chip-based cards to encourage the growth of electronic transactions.

  • NIBSS, NIMC tackle e-payment frauds

    From left: Aladekomo; Executive Director, Business Development, Nigeria Inter-Bank Settlement System (NIBBS), Mrs Christabel Onyejekwe and Shonubi during Aladekomo’s visit to NIBBS headquaters in Lagos.

    The Nigerian Inter-Bank Settlement System (NIBSS) is poised to tackle electronic payment fraud, its Managing Director, Mr Ade Osinubi, has said.
    Osinubi said it was necessary to improve electronic payment transactions and engender growth in the economy.
    Speaking during a visit of the management of the Nigerian Computer Society (NCS) to NIBBS‘s head office in Lagos, Osinubi said efforts were being made among the stakeholders in the financial chains to rid the country of fraud in the electronic payment system and allied areas.

    He said partnerships are evolving to reduce the hiccups in the electronic modes of payments, and further reduce the cost of managing cash in the economy.

    Osinubi said electronic frauds hinder the growth of the financial sector and the economy, stressing that the only way to check the malaise is to fight it headlong.

    He said there iwas the need to take security serious in the information and technology (IT)-driven society, adding that customers and financial institutions must be alert to reduce the fraud.

    NCS President Mr Demola Aladekomo said NIBBS has helped to implement the cheque truncation policy, among other measures put in place to enhance the quality of e-payment transactions.
    He said more needed to be done to make e-payment transactions free of fraud.

    Also, Chief Executive Officer, the National Identity Management Commission (NIMC), Mr Chris Onyemenan, a lawyer, said the agency would help in reducing fraudulent practices in the financial industry.

    Onyemenan told The Nation that the leadership of NIMC would develop a central national database, multi-factor authentication system and enrolment and card issuing services to identify all Nigerians and plug the loopholes through which fraud could perpetrated.
    Others, he said, are development of identification and verification processes in Nigeria to foster the growth of the country.
    He said the implementation of the unique identification number (UIM) project of the NIMC in particular was crucial to the success of the electronic payment system initiated by the Central Bank of Nigeria CBN).