CeBIH seeks inclusive e-payments’ product development
The Committee of e-Banking Industry Heads (CeBIH) has called for the development and deployment of electronic payments (e-payment) services that are focused on the lifestyle of the financially excluded population in the country.
It also stressed that e-payment services, especially in mobile payments, that are focused on lifestyle of the financially excluded would be critical to achieving the nation’s financial inclusion goal.
CeBIH Chairman, Tunde Kuponiyi, who made the call at the group retreat in Uyo, Akwa Ibom State, said: “The inclusion service must typically address what the segment spends money on- it must address their lifestyle”.
Making a case for the use of mobile payments to drive financial inclusion, Kuponiyi, who is also the Head, Cards and e-Banking for EcobankNigeria Limited said: “The latest report on BVN suggests that we have a total of 20 million accounts in this system. This clearly, is an indication of the banked populace and also emphasizes the need for extension of financial inclusion with its attendant benefits.
The Enhancing Financial Innovation and Access reports showed that Nigeria has over 148 million mobile phone (GSM) subscribers and this makes the mobile platform a veritable way of reaching the unbanked for financial inclusion, as a lot more people are on this mobile platform than any other platform.
The good thing about the mobile phone and in fact any device that has internet connectivity is that it can be used as a payment device and this is what will significantly enhance inclusion not only as store of value but also as a payment platform.
“It is imperative as we develop the mobile to enhance inclusion to also look at acceptance of payment from the mobile as the process won’t be concluded till value is really added to the BOP that we want included financially”
He added that achieving the nation’s financial inclusion goal of reducing the population of financially excluded to 20 per cent of adult population by 2020, requires collaboration among the various stakeholders in the financial services sector.
He said: “The implementation of the National Financial Inclusion Strategy requires the collaboration of multiple stakeholders, these include: Providers, which are the institutions that provide financial products and services, as well as their partners in infrastructure and technology.
“Enablers, which are regulators and public institutions responsible for setting regulations and policies on financial inclusion.
Supporting institutions which are those that enhance and support the efforts of the Central Bank of Nigeria to achieve the national financial inclusion goals.
“They include development partners and experts committed to supporting the Nigerian people and government through technical assistance/aid and similar programmes.
An inclusive financial sector is characterized by the diversity of financial services providers, the level of competition between them, and the legal and regulatory environments that ensure the integrity of the financial sector and access to financial services for all.
“It is critical for regulators and policy makers to create an enabling policy environment to actively promote both the demand for and the supply of financial services to the unbanked and under-banked.”