Innovation: The Future Of E-Payment in Nigeria.


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Innovation: The Future Of E-Payment in Nigeria.
Posted on: June 08, 2015, 10:52:56 PM
You will remember that the momentum of using cards
started a few years ago when people started getting used to
ATMs. Well, the story is changing very fast these days.
Since the Central Bank of Nigeria effectively introduced the
cashless policy in 2012, we have seen more usage of cards
not just on ATMs but on POS. Needless to say that the
bullion vans and sirens have disappeared and people are
now transferring money electronically through NIBSS
Instant Payment and NIBSS Electronic Funds Transfer. The
volume of transactions per day under these different
electronic payment systems is very encouraging, at least it
proves that it works and Nigerians are getting value in terms
of convenience, security and speed of concluding financial
transactions. While the payments landscape has evolved
rapidly over the past few years, due to a flurry of innovation
and regulation, expansive growth in electronic payments and
the inclusion of new market entrants, industry research
indicates that the next decade will yield a period of even
faster growth. The future promises to deliver a rapidly
changing payments landscape as increasing convergence,
integration and ecommerce and mobile technology radically
change the shape of the payments market place. This is
why the Central Bank of Nigeria and Nigeria Interbank
Settlement Systems (NIBSS) have come up with the
Electronic Payment Incentive Scheme, to reward bank
customers that are using cards and other epayment
channels as well as merchants and their sales persons that
are pushing the frontiers of epayment by promoting and
encouraging the use of cards and POS at their outlets.
CBN CardExpo 2015 which comes up from the 23rd -25th of
June, will focus greatly on the future payment vision, the
assumption that underlines the vision and how innovation
will drive the process. The conference and exhibition will
also focus on new users as well as the service delivery
strategy that will deliver the future of payments.
At this Conference and Exhibition, top card and epayment
experts will be sharing inside strategies on positioning and
enhancing your card business to ensure your spot in the
rapidly evolving Card Ecosystem. Merchants, Issuers,
Financial Institutions, and Solution Providers are all
expected. Hear first-hand, in rapid fire panel debates, a
holistic idea exchange around the industry's and most
pressing issues on Cards, Mobile payment, MPOS, NFC,
BVN, Squaremii, ATM, EFT, eGovernment payments at
federal and state levels, Utility payments etc.
At this event, we will be rewarding bank customers that
frequently use their cards on POS. Merchants and sales
persons who promote and encourage the use of card on
POS will also be rewarded with various cash prizes under
the CBN Electronic Payment Incentive Scheme (EPIS).
We have also put together Demo Sessions for pitches by
young developers of brilliant “out of the box” payment
technologies who will have the opportunity to present and
demonstrate their innovative solutions. N250,000 will be
won by each of the best four epayment demo pitchers. Only
solutions that have not been launched will qualify to be
presented at our pitches.
CardExpo Africa Exhibition continues its tradition of
showcasing the most exciting developments in the payment
sector. With a variety of new innovative technologies, it has
never been more important to keep pace with industry
developments. With banks, cards scheme and newer
entrants all vying their place at the centre of the ecosystem.
This must-attend event will provide insightful takeaways
from the industry.
To register, visit registration-form/


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