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Stakeholders seek increased innovation in e-payment industry




Stakeholders in the nation’s electronic payment industry have called for increased innovation to deepen the growth already recorded and contribute meaningfully to the economy.

The Governor of Akwa Ibom State, Emmanual Udom, who joined in the call, at the yearly retreat of the Committee of E-Banking Industry Heads (CeBIH) in Uyo, Akwa Ibom State, said sound policy framework must be strengthened.

The Governor, represented by the Commissioner of Finance, Akan Okon, said that while CeBIH has contributed significantly to the growth of e-payment in Nigeria, innovation and awareness must be supported by a strong framework.

“I will like to urge you to incorporate global best practices in the promotion of adoption of e-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.

“I enjoin you to carry the public along in this vision. Let them know and tap into the tremendous benefits in the electronic banking industry. Continue to work towards unlocking the opportunities that lie fallow in the economy. This should remain your focus as you sail along.”  

The Chairman of CeBIH, Tunde Kuponiyi, while speaking on the theme of the retreat, “Mobile Payments for Financial Inclusion: Prospects and Challenges”, said that the retreat is designed to build on the growth recorded in the epayment industry in the last five years.

“For instance, the volume of Point of Sale transactions has moved from less than three million in 2010 to excess of 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 5 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.

“This retreat therefore provides, a unique opportunity to dissect the issues around financial inclusion and how we can make it work,” he said.

“How we can use the platform of mobile payment to drive financial inclusion in Nigeria and how we can create the right regulatory and business framework for the benefit of the mass population of unbanked Nigerians in order to bring them into the mainstream of the Nigerian financial system,” he said.

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