The Central Bank of Nigeria (CBN) is expected to begin a comprehensive review of electronic payment (e-payment) guidelines in the country.
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The review of guidelines, as disclosed in a keynote address of the Committee of e-Banking Industry Heads (CeBIH), in Abuja, will build on the success recorded in the promotion of e-payment in the region.
The bank will review the regulations comprising Mobile Payments Regulatory Framework, the exposure draft, stored value/prepaid cards, card issuance and usage regulations and point-of-sales (POS) card acceptance services.
In addition, the bank will review the revised Nigeria bankers clearing house rules, cheque truncation, direct debit rules, transaction switching services, operational rules and regulations of the Nigeria central switch and ATM operations.
The apex bank, that has revised guidelines on the electronic payments of salaries, pensions, suppliers and taxes in Nigeria and guidelines on international remittances services earlier this year, will collaborate with other stakeholders to expand the reach of banking sector and modern payment systems.
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By GlobalDataAlhaji Suleiman Barau, deputy governor of Operations Directorate at CBN, said: "The Payments System Vision 2020 outlined a number of initiatives to catalyze the adoption of electronic payments system in certain sectors including, agriculture, transportation, hotels and entertainment, education, health, smart cities, bill payment and government flows."
