CBN lists challenges to electronic payment system in Nigeria

The Central Bank of Nigeria (CBN) has named weak risk management framework and security issues among the major challenges affecting electronic payment system in the country.

Godwin Emefiele, the CBN governor, made the disclosure as a keynote presenter at the 8th annual conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday.

The theme of the conference was ‘Positioning Nigeria’s Payments System for Global competitiveness’.

“While CBN efforts have gone into transformation of the payments system in line with global trends, we should not lose sight of the associated risks and challenges.

“These challenges include, but not limited to weak risk management framework, security issues, resistance of target customers to patronise and embrace new products,” Emefiele said.

He said another challenge was the “lack of unique identifier for customers across institutions and high operation cost”.

According to him, other challenges are interoperability and interconnectivity of networks, low level of card usage on point of sales, non-transparent pricing, among others.