As only six banks get CBN’s reward for e-payment efficiency

It was surprising that only six deposit money banks,  out of about 22,  mopped up the efficiency awards for Electronic Payment Incentive Scheme (EPIS) given by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement system (NIBSS) plc last week.

The banks include Guarantee Trust Bank (GTB) plc, Zenith Bank international plc, First Bank Nigeria limited, Standard Chartered, Diamond Bank and Citibank.

The stage is set for other banks to work hard and efficiently improve their electronic payment structure, so as to compete favourably next year.

GTB took the lead in the cashless driver awards for banks winning the cashless driver instant payment in 2015, cashless driver Pos issued cards transactions, and instant payment transaction efficiency, among others. This was followed by Zenith bank plc that won cashless driver bulk payment and cashless driver PoS transactions acquiring.

First Bank won the Bank Verification Number (BVN) award. Instant payment transaction response efficiency 2015 went to Citibank, Diamond bank smiled home with Point of Sale (PoS) issued card transaction efficiency 2015, while Standard Chartered was recognised for PoS transaction acquiring efficiency 2015.

In furtherance of the drive for pervasive usage of electronic payment in Nigeria, the management of the CBN in 2014 approved industry wide incentive scheme and awareness campaign for e-payment stakeholders and users.

The scheme primarily focuses on rewarding users of e-payments and further encourages greater adoption by all. The incentive scheme is meant to reward and appreciate usage across all channels with emphasis on channels of electronic payment that promote financial inclusion.

A circular signed by Dipo Fatokun, director, banking and payments system department, CBN, stated that the incentive scheme and awareness campaign was designed as a “white-label” in which all stakeholders were required to partner.

In fulfillment of its mandate, the CBN and NIBSS last week, in Lagos, held the maiden edition of the EPIS awards, where a total number of 20 awards were given to banks, states government and non-bank institutions which performed well in the electronic payments space. 

Suleiman Barau, deputy governor, operations directorate, CBN, who doubles as the chairman said the cashless policy introduced by the CBN, received a lot of support from the banking industry and a huge support from the operators as well as the public.

“I commend the pilot states – the five states that we started with, including Lagos. A lot of what we have achieved today is basically due to the support we have received from everybody, from the banks, operators, State Government, customers, and merchants”, he said.

Responding to why only six banks moped up the wards, Barau said, “It means that the two banks have done very well. We like all the banks to emulate what the six banks have done. What the efficiency awards seeks to do, is to encourage competition, so that next year more banks will compete and that is the essence of an award ceremony like this.

Speaking with journalists immediately after the awards, Adebisi Shonubi, managing director/CEO, NIBSS, said,  “What we are hoping this award could bring out is healthy rivalry amongst the banks. We picked the top three. Almost all the banks showed improvement. We sent report to their chief executive on monthly basis to show their performance”.

HOPE MOSES-ASHIKE