Cashless Update - The Central Bank of Nigeria (CBN) has introduced Electronic Payment Incentive Scheme

The Central Bank of Nigeria (CBN) has introduced Electronic Payment Incentive Scheme
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"...delivering price and financial system stability and promoting sustainable economic development."

The Central Bank of Nigeria (CBN) has introduced Electronic Payment Incentive Scheme (EPIS) to encourage the use of debit cards in line with its cashless policy of the apex bank.

Senior Manager Banking and Payment System of the CBN, Mr. Omileye Ifeoluwa disclosed this in Akure, Ondo State in a presentation at the CBN Fair held at the BTO Event Centre.

The fair with the theme, “Promoting Financial Stability and Economic Development”, had in attendance commercial banks, microfinance banks and various categories of bank services consumers like civil servants, market women, commercial vehicle operators, farmers among others.

The fair, which had taken place in Imo, Ebonyin, Katsina and Kaduna States, and other states in the six geo-political zones of the country was meant to enlighten participants on benefits if financial services, the cashless policy, consumer protection, the registration  Biometric Verification Number (BNV) and handling of nation’s currency.

The federal government has disclosed its plan to link bank customers' bank verification numbers (BVN) with their national identity card data from next year.

Ifeoluwa said under the bank’s EPIS, three groups of banking publics are to benefit from rewards that are derivable from the use of cards to settle payment for transactions.

The three groups that will benefit from the rewards are the consumers that are the owners of the cards that are being used for transactions, the merchants and sales persons

According to him, consumers will win cash rewards of N100,000, N50,000, and N35,000 for star prize, first runner up and second runner up respectively at monthly draw for using their cards to settle payment electronically.

For the merchants, Ifeoluwa said their rewards is that they would not be charged COT for electronic payment proceeds while sales persons would be rewarded for encouraging consumers to use their cards to pay exact amount for goods and services to the last kobo.

Ifeoluwa also reiterated that the deadline for the BVN remains October 31 stating that any bank customer that fails to enroll before the expiration of the deadline would not have access too such account until the enrollment is done.

BVN - Bank Verification Number

Speaking earlier, the Director Corporate Communications Department of the CBN, Ibrahim Mu’azu , who was represented by an Assistant Director in the Bank Mr. Babatunde Ogunlaja allayed the fear of  Nigerians on possible collapse of some commercial banks in the country  declaring that that none of the existing banks in the country can collapse.

Mu’azu said all the existing banks in the country are reliable and can all stand the test of time, hence the need for Nigerians to have confidence and trust in them.

The director, who cautioned people against keeping money at home, said there are lots of dangers in keeping money at homes and urged Nigerians to patronise the commercial banks for the safety of their money.

He disclosed that the CBN has embarked on intensive enlightenment campaign on the newly introduced cashless policy and advised all Nigerians to embrace the policy in their own interest, saying the policy would guarantee their convenience.

The CBN boss noted that many advanced countries of the world have adopted the cashless policy, stressing that “it is in the interest of Nigerians that the new policy was introduced, because this will allow convenience in their financial transactions.”

Skye Bank rewards customers

He also disclosed that the CBN has earmarked huge sum of money to be given as loans to small and medium scale entrepreneurs in the country and advised Nigerians to avail themselves of the opportunity. 

-On This Day Live