According to the Central Bank of Nigeria (CBN), the Nigerian payment system infrastructure is strong enough to handle the growing surge in online transactions.
Data released by the Nigeria interbank settlement system (NIBSS) shows that the volume of transactions performed electronically by Nigerians surged 55 percent in January 2023.
Further, the naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy also pushed Point of Sales transactions to N807.16bn in January 2023.
As a result of these, Nigerians should embrace alternative payment channels such as eNaira, USSD, and other internet banking facilities as the country moves toward an alternative payment regime available around the world.
Dr. Abdulmumin Isa, Ag. Director, Corporate Communications Department, stated this yesterday during the CBN Special Day at the 34th Enugu International Trade Fair.
He indicated that Nigeria could not manage to fall behind in the financial ecosystem and that President Muhammadu Buhari’s recent redesign of some naira denominations was in the best interests of the country and economy, as well as in line with international best practices.
Isa, who was represented by an Assistant Director, Esu Imo, stated that the policy had begun to strengthen macroeconomic fundamentals, moderate inflation, and increase the rate of financial inclusion. He also stated that the policy has resulted in relative exchange rate stability and that he supports the country’s efforts to combat banditry and ransom-taking.
He said the apex bank in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) recently launched the National Domestic Card Scheme – the first in Africa, stressing that the idea was expected to not only lower operating costs for banks but also reduce the huge foreign exchange costs associated with operating foreign card schemes.
He said the bank has continued to encourage various interventions aimed at stimulating production and productivity across the real sector, disclosing that over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on 6.02 million hectares benefitted from the Anchor Borrowers’ Programme (ABP).
