The Central Bank of Nigeria announced the roll out of its newly improved version of the Nigeria Payment System (NPS) Vision 2020 Strategy Document, reported All Africa. The document was unveiled during the International Conference on Payment Systems in Abuja earlier this week, and CBN indicated that the updated version aims to improve the country’s electronic payment system.
The document addresses challenges in the current ePayments system such as weak infrastructure and poor communication. The CBN also noted that slow adoption is due to a high cash culture and merchants’ indifference towards point of sale terminals that stems from high transaction fees. Additionally, mobile money programs need to expand across the region, especially in rural areas where bank locations are less abundant.
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