e-Payment Transactions Rise to N10trn in September

26 Nov 2012

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CEO, Fidelity Bank Plc, Mr. Reginald Ihejiahi

By Obinna Chima

The volume of electronic funds transactions increased significantly to N10 trillion in the first nine months of the year, Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Reginald Ihejiahi, has said.

Ihejiahi disclosed this amount, which was recorded in about 20 million transactions within the given period, came just as he also state that there had been a decline in the volume of cheque-based transactions in the industry.
He spoke at the November edition of the Nigeria Electronic Fraud Forum (NeFF) in Lagos.

The Fidelity Bank boss, who was represented by the Executive Director, Shared Services, Fidelity Bank Plc, Mrs. Chijioke Ugochukwu, stated that the growing relevance of e-payment channel was an indication that Nigerians were beginning to accept the payment system reforms.

On his part, Chairman, NeFF, Mr. Emmanuel Obaigbona, restated the commitment of the Central Bank of Nigeria (CBN) to achieving an efficient e-payment system.
Obaigbona, who is also the Deputy Director/Head, Domestic Payment Division, Banking and Payment System Department, CBN, called for a multi-sector collaboration to achieve better synergy in the industry.

He also revealed that the National Security Adviser to President Goodluck Jonathan had agreed to collaborate with NeFF for efficiency in the payment system.

Also, the Chief Risk Officer, Interswitch, Oshioke Ojior, noted that the current trend of e-payment system requires decentralisation to control fraudsters’ access to secured systems

According to him, this would strengthen fraud prevention efforts in the industry, especially as online transactions and other forms of cashless initiatives continue to grow in the sector.

He restated the need for the harmonisation and integration of data/biometrics gathered by different agencies, by creating an effective and accessible databank, for ease of accessibility to data.

Similarly, Divisional Head, Transaction Banking, First City Monument Bank (FCMB) Plc, Rolayo Akhigbe, said: “With the continual issuance of cards by financial institutions, there is a need to fast-track efforts to enhance an effective stakeholder collaboration, increased public awareness, a centrally coordinated system, pooling together of resources, the creation of an identity management system and a wider reach of our enlightenment campaigns towards the adoption of the cash-less initiative."

Tags: Nigeria, Featured, Business, Reginald Ihejiahi

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