Business
Inspectors To Examine State Of e-Payment In Nigeria
The state of e-payment in Nigeria will be the focus of discourse at the annual retreat/conference of the Committee of Chief Inspectors of Banks in Nigeria (CCIBN) slated for March 23 – 24, 2012 in Abuja. The theme of this year’s retreat is “E Payment: Fraud Prevention, Strategies and Implementation.
Head, Internal Audit, Stanbic IBTC Bank and Second Vice Chairman of CCIBN, Abas Alhassan, said that the theme was selected because the adoption of electronic payment in Nigeria is relatively new and requires regular appraisal to ensure it operates efficiently.
If the system works seamlessly, the dominance of cash and paper-based activities in the economy will be significantly reduced, with the attendant benefits for the economy, he stated.
As part of activities for the three-day event, the CCIBN Executive Committee would on March 23 make a courtesy visit to the Central Bank of Nigeria (CBN) Governor, Malam Lamido Sanusi, while Deputy Governor of Operations, Mr. Tunde Lemo, is scheduled to present the opening address.
In November last year, CCIBN organised a three-day training programme for banks, discount houses, external auditors and law enforcement agencies in Lagos to support the cashless economy initiative of the Central Bank of Nigeria.
The training programme was aimed at acquainting participants with the dynamics of the cashless economy initiative, ahead of its commencement in Lagos State in January.
CCIBN is primarily saddled with the responsibility of promoting inter-bank co-operation and sustaining high ethical standards in the banking industry.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.