May 02, (THEWILL) – Nigeria’s payment security system is among the top ten as the world abandons the traditional cheque and cash transactions for digital payment systems.
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, made this disclosure Tuesday in his keynote address at the ongoing 34th Seminar for Finance Correspondents and Business Editors in Calabar, Cross River State.
Represented by the Director, Monetary Policy Department, Dr Mahmoud Hassan, Emefiele said the CBN had intensified the cashless policy since it was introduced in 2012.
He enumerated the positive impact on the economy to include efficient transaction processes as well as boosting the gross domestic product (GDP).
He also noted that the Bank had ensured that Nigeria enjoyed a safe and efficient payment system among the best in the world
“We are all witnesses to the transformation that has taken place in Nigeria’s payment system in the last decade. From heavy reliance on cash and cheque systems to digital systems, we are now in the real cashless era, the project that commenced since 2012.
“In between 2021 and 2027, the volume of transactions via the electronic channels have increased to 99.76 percent among the various e-payment channels,” he said.
He said the CBN will continue to ensure the issuance and management of efficient and payment systems in Nigeria in particular and the world in general.
He urged the participants to step up their coverage and reporting on the nation’s efficient and security payment system which ranks among the top 10 in the world.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
