The Central Bank of Nigeria (CBN) has announced plans to commence a comprehensive review of electronic payment guidelines in the country.

The Deputy Governor of the Apex bank, Operations Directorate, Alhaji Suleiman Barau disclosed this at the 2014 annual retreat of the Committee of the e-Banking Industry Heads held at the weekend.

In a keynote address titled: “Payments System Vision 2020 – Creating Enabling Environment through Regulatory  Framework”,  Barau noted that the proposed review of guidelines would be to  build on the success recorded in the promotion of e-payment in the country by enhancing   the adoption of electronic payments system in certain sectors of the economy.
Represented by the Director, Banking and Payment System Department, Mr. Dipo Fatokun, he revealed that the central bank was poised to stimulate acceptance and usage of the payment system.

“Therefore, the Payment System Vision 2020 outlined a number of initiatives to catalyse the adoption of electronic payments system in certain sectors including, agriculture, transportation, hotels and entertainment, education, health, smart cities, bill payment and government flows.

“In this regard, the Bank has committed to reviewing the following regulations: mobile payment regulatory framework, the exposure draft of which was communicated to you about two weeks ago; guidelines on stored value/prepaid cards which was issued during the course of the year as guidelines for card issuance and usage in Nigeria; guidelines on ATM operations, among others”, he explained.