NIBSS to reward Nigerian banks, others for electronic transactions

The Nigeria Interbank Settlement System (NIBSS) will on Thursday reward banks, merchants and other stakeholders that have been driving electronic banking channels in the country.

Managing Director, NIBSS, Mr. Adebisi Shonubi, who said this while briefing journalists yesterday, said the award would hold in Lagos.

Shonubi said the award ceremony would recognise financial and public institutions that in the past 12 months were active in the electronic payment space.

He also revealed that transactions through electronic channels rose sharply in 2015.

“In January 2015, our instant payment platform was doing 4.2 million transactions a month, by December, it was 8.3 million. That was almost double. Point of Sale transactions were about 2.5 million in January 2015, they ended the year at 3.9 million.
“Cheques, we were doing about 1.1 and slightly less than 1.1 million as at December. So, when we talk about the adoption, if you look at the numbers, it has been going up in terms of number of transactions per month.
“So, we feel that part of what has helped was the incentive scheme and the awareness that goes with it.  Part of what we would be doing now is to be sharing information with the public and that helps us to allow other people like the CBN to monitor and see what is happening,” he added.

Throwing more light on the award, the Executive Director Business Development, Mrs. Christabel Onyejekwe listed some of the award categories to include the cashless driver award; bulk payments award, instant payment transaction efficiency award; response time efficiency award, customer experience satisfaction award and the anti-fraud award, BVN enrolment award, among others.

On his part, the Assistant Director, Banking and Payment System Department, CBN, Mr. Sola Agboola, said the essence of the award is to encourage people to use more of electronic payments than cash and supports the cashless policy. According to him, there have been so much awareness on the use of alternative banking channels.

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