Background to the Conference Held 16-17th September 2013 in Abuja Nigeria

For too long, governments and businesses in Nigeria relied on cash to pay employees, make or receive payments, and fulfil other financial obligations.  As a result, the economy was slowed by the negative side effects of needing cash on hand—long lines and wait times, instances of delayed or missed payments, and paper-based record-keeping, to name a few.

Reforms were put in place by the CBN such as the mandating all Federal Government funds to be made electronically, deployment of IT in all banking operations and the introduction of the Cashless Economy which have indeed helped to improve Nigeria’s payments system.

In order for Nigeria to propel the rest of Africa and become one of the 20 leading economies in the world by the year 2020, Vision 2020 was set in motion. It is hence critical for Nigeria to build an integrated financial system.

Today, Nigerians have embraced electronic payments to boost efficiency and transparency of operations. Government have benefited from e-payment system by enhancing their liquidity and opening the financial system to a larger portion of the population.

Businesses have lowered their costs of doing business, while creating more secure and reliable means of conducting transactions. The transition in the payment system has created jobs, better lives, and added speed and pace to the economic recovery.

Finally, consumers enjoy greater convenience through multiple payment channels, such as the Internet and automated teller machines (ATMs). Having achieved this much in a little space of time, and with Vision 2020 around the corner, it is not unusual to showcase the evolution of the Nigerian payment system to the world, celebrate such achievements and chart the course ahead.

Source: CBN