NIBSS, Banks Expend N400million on Electronic Payment Incentives

The Nigeria Interbank Settlement System, NIBSS, and banks in the country have spent over N400 million to provide incentives to promote adoption of electronic payment in the country.

Managing Director of NIBSS, Ade Shonubi disclosed this on Monday, February 22, while addressing a press conference on the forthcoming Efficiency Award organized by the company to reward and recognize outstanding stakeholders in the promotion of electronic payment.

He said: “The banks have spent over N400 million as incentives under electronic payment incentives scheme. “The electronic payment incentives scheme (EPIS) is an initiative of the Central Bank of Nigeria (CBN), Bankers Committee, and the banks in Nigeria to promote electronic payment in Nigeria.”

“There were series of activities around it that started over a year ago. One of the first thing is when we were refunding cash back to people, and at the end of the month, you receive some amount of money for using your PoS, and then we had adverts.”

Commenting on the impact of the electronic payment incentives scheme on the level of epayment transactions in the country, Shonubi said, “In the month of December we had 18 million transactions on our platform.”

“That is just for one month. On the average we do about 15 million transactions in a month. Before now it was much lower than that. So clearly the numbers are moving up.”