By Emele Onu, 07.06.2010 

 

The Central Bank of Nigeria (CBN) and the E-Payment Providers Association of Nigeria (E-PPAN), the umbrella body for e-payment providers in the country are to partner for promoting Point of Sales (PoS) terminals usage in Nigeria. 

 

 

A statement by E-PPAN quoted the Deputy Governor, Operations of the CBN, Mr. Tunde Lemo, as making this disclosure at the official presentation of a “White Paper on PoS As An E-Payment Channel” by members of E-PPAN in his office recently.Lemo said that CBN is committed to the promotion of cashless economy, adding that at currently the monetary authority spends a lot of money to print, distribute and destroy the currency as the average life-span of a Naira note is six months.

 

 

The Deputy Governor said that although Nigerians have embraced the usage of e-payment system with the introduction of ATM services, the best way to go is the adoption of the usage of PoS transactions, which reduces the handling of cash. While commending the E-PPAN team for its efforts at promoting a cashless society in Nigeria, Lemo also approved all the recommendations presented by the body for the growth of PoS terminals usage in the country.

 

 

E-PPAN recommended that the CBN should set up a committee to implement effective guidelines for PoS usage based on the white paper, as it defines the roles, responsibilities and processes for all the players in the industry. If that is done, said E-PPAN, it would help to create an enabling framework and environment to encourage the proliferation of the PoS channel. The E-payment body also asked the CBN to engage the National Communications Commission (NCC) and the telecommunications companies to provide reliable data services to the e-payment industry as the dearth of accurate data remain a major challenge in the industry.

 

 

The President of E-PPAN, Mrs. Onajite Regha, explained that E-PPAN has proposed solutions to the CBN, which is contained in the document. He added that the industry players have also come up with strong recommendations that, if diligently followed, it will make PoS to take its place of pride within the payment system in Nigeria.

 

(Source:ThisDay)