Nigeria’s e-payment transactions exceed N590tr
The nation’s electronic payment (e-payment) system landscape has risen to a new height of about N592 trillion worth of transactions in 2019...
Open Banking, CeBIH’s role and Nigeria’s e-payment growth
Open Banking is an initiative that is aimed at addressing the challenge confronting many bank customers, especially those with multiple bank accounts.
Nigeria’s e-payment deals lose over N5 trillion in Q1
The first quarter (Q1) transactions record of the electronic payment (e-payment) channels across the country, showed a shortfall of N5.13 trillion at N34.02 trillion, against N39.15 trillion recorded in Q4 of 2018.
Banks earn big in e-payment charges, customers raise ethical questions
Section 2 (2) of the Consumer Protection Framework of the Central Bank of Nigeria (CBN) states that financial institutions shall act in the best interest of consumers in the provision of advice and execution of transactions.
NIBSS’ alleged terminal failure rocks e-payment transaction
The deluge of dispense error and non-reversal of failed transactions at the Point Of Sale (POS) terminal and ATM, have been largely attributed to the Nigeria Inter-Bank Settlement System (NIBSS). The blame is coming as the platform of the institution that is strategic for clearing and settlement of inter-bank transfers and payments, has been reportedly…
UP unveils hourly e-payment settlement solution for merchants
Unified Payments (UP), an electronic payment company in Nigeria, has unveiled what it described as first-in-class solution in the sector tagged: “UP Hourly Settlement Service (UP-HSS).” According to the company, the product is positioned to enable merchants get their monies hourly for every successful e-payment transaction they do. The hourly settlement for every successful e-payment…
E-payment stakeholders tasked on cost, shared services, integrity
The nation’s financial technology operators in the payment system and banks have received a charge to work at increasing collaborations and cooperation that would enable effective shared services to reduce cost of transactions. Besides, they are to work at entrenching integrity of the system and people, which has now become more important than ever, as…
Consumption tax: Lagos adopts e-payment for remittance
The use of technology to enhance the effectiveness of tax administrations, expand taxpayer services and enhance tax compliance continues to attract increasing attention both in developed and developing countries. Particularly, governments worldwide have increasingly been demanding substantially more effective use of modern technology systems for the delivery of services to citizens. In its effort to…
LIRS introduces e-payment for remittance of consumption tax
In its effort to leverage on e-payment and multi-modal payment portals, the Lagos State Internal Revenue Service (LIRS) has unveiled an automated invoicing system and technology device, Electronic Revenue Assurance (ERA) system.
CBN, stakeholders to tackle N2.2b ePayment’s yearly losses
The meeting point of the stakeholders would be at this year’s eighth edition of the yearly Payment Systems and Fraud Conference being organised by the Electronic Payment Providers Association of Nigeria (EPPAN).