CBN Officials Urge Nigerians To Promote Nation’s Cashless Economy
…Rewards Bank Customers With Monetary
Prizes
IN its bid to promote electronic banking
in Nigeria, officials of the Central Bank
of Nigeria (CBN) yesterday in Kaduna
rewarded 10 users of electronic
payments options under its Electronic
Payments Incentive Scheme (EPIS).
The winners emerged in the 3rd and 4th
draws for the months of September and
October this year and were rewarded
with a total sum of N1.4 million for the
two months.
The first winners went home with N250,
000 each, while the second, third, fourth
and fifth winners got N200, 000, N150,
000, N100, 000 and N50, 000 each.
Presenting the winners with their
cheques, CBN’s Deputy Governor,
Operations, who also doubles as
Chairman of the Nigeria Inter-Bank
Settlement System (NIPBSS), Alhaji
Suleiman Barau, said EPIS was
conceptualised to reward users of
electronic payments options as part of
efforts to strengthen the adoption of the
system in Nigeria.
“The CBN is particularly poised to
collaborate with stakeholders to
incentive the culture of electronic
payments within Nigeria.
“EPIS was, therefore, designed to
recognise and reward various categories
of users of electronic payments,
including cardholders, merchants, sale
persons and service providers.
“The raffle draw, which is targeted at
the cardholders, commenced earnestly
with draws drawn and winners
rewarded in both Lagos and Abuja.”
He noted that the benefits of electronic
payments to users go beyond the money
prizes, but also in terms of safety and
convenience of usage of the cards at the
Point of Sale (PoS) in merchant location.
He stated: “To further enhance the
services, we have implemented, under
EPIS, the purchase with Cash Back
option, which enables users of cards at
POS to make cash withdrawals over the
PoS at a merchant location for a token
fee.
“This is in addition to making payments
at the PoS, thereby providing extra
convenience to users.
“The CBN, in conjunction with banks and
payments service providers, is
committed to improving the availability
of the electronic payments services
across various channels.
“Merchants are assured of availability of
PoS for their usage at the various
locations.”
Barau, however, assured that users of the
electronic payments have no reason to
be afraid, stressing that the CBN has
consistently issued directives to forestall
the activities of fraudsters and
strengthen the security of electronic
payments in Nigeria.
“We are also collaborating with the law
enforcement agencies to ensure that no
fraudster gets away with the funds of
electronic payments users,” he added.
Earlier, CBN’s Director Banking and
Payment System Department, Mr. Dipo
Fatokun, said the EPIS idea was first
conceived in March 2013 and was
followed by workshops in December that
year.
He noted that it was driven by NIBSS,
amongst other key stakeholders, adding:
“The incentive scheme is to reward and
appreciate usage across all channels with
emphasis on channels of electronic
payments that promote financial
inclusion by aiming to identify and
reward the cardholders, merchants and
sales persons.”
Nigeria’s foremost Banker, Mr. Godwin
Emefiele.
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