Agbaje made the promise in Lagos after GTB won eight of the twelve honours available to banks in the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards.

The News Agency of Nigeria (NAN) reports that the financial institution won the awards for efficiency and excellent service delivery in virtually every E-payment channel.

“We are proud to be recognised by the CBN EPIS Efficiency Awards for our efforts in driving excellence in electronic payments and providing customers with a superior banking experience across all digital touch points.

“These awards serve as extra motivation for us and we will continue to find new and exciting ways to reduce our customers’ pain points and offer them benefits beyond banking.

The managing director also said the bank had been leveraging on technology in providing effective service to its customers.

“At GTB, we are passionate about building the bank of the future that connects our customers directly to all the everyday things that matters to them.

“That is why we are constantly leveraging the best of technology to, not only make financial services cheaper, more personal and readily accessible.

“But also to create amazing digital experiences in a way that adds real value to our customers’ lives,” he said.

NAN also reports that the CBN EPIS Efficiency Awards is organised to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria.

“Now in its fourth year, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year.

“The eight awards won include: the Best Customer Experience Award, Real-Time Payments Transaction Efficiency, Cashless Driver, USSD Channel Champion and Cashless Driver, Point of Sale (POS) Transactions.

“Others include are Cashless Driver, Card Usage on Point of Sales (POS) Terminals, Direct Debit Driver Award, E-Reference Operations Efficiency and ID Services Driver.”

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Moro, alongside one time permanent secretary in the ministry, Anastasia Daniel-Nwobia; a deputy director in the ministry, F. O Alayebami; one Mahmood Ahmadu (at large), and Drexel Tech Nigeria Limited are being prosecuted on an 11-count charge bordering on procurement fraud and money laundering by the Economic and Financial Crimes Commission, EFCC.

Drexel Tech Nigeria Limited was the company which the Ministry of Interior awarded the contract for provision of online enlistment and e-recruitment service for the NIS recruitment which took place on March 17, 2013 that claimed the lives of over 20 applicants in various centres across the country when Moro (the first defendant in the suit) was interior minister.

They were alleged to have defrauded a total of 675,675 Nigerian job applicants to the tune of N675,675,000 representing N1000 per applicant through e-payment for their online recruitment exercise into the Nigerian Immigration Service, NIS.

The defendants had pleaded not guilty to the charge preferred against them, prompting the case to enter full trial.

At the resumed sitting Wednesday, Aliyu Yusuf, counsel to the EFCC, led in evidence the seventh prosecution witness, Aderenle Lekan Salami, who presented transaction report between Drexel Tech Nigeria Ltd and Pay4me to the court.

Salami, a banker with Nigeria Inter-bank Settlement System, NIBSS, told the court that “sometime in 2014, EFCC made inquiries to NIBSS in relation to a transaction involving ‘Pay4me’ and Drexel Tech Ltd., requesting Pay4me to bring transaction report alongside the Certificate of Identification”.

He also told the court that he wrote a statement in respect of what the transaction was meant for.

According to the PW7, the transaction report showed amounts pulled from various banks in respect of collection made by ‘Pay4me’ as well as amount being paid to Drexel, Pay4me charges and NIPSS charges.

The transaction report was admitted in evidence.

Under cross-examination by counsel representing Drexel Tech Nigeria Ltd (4th Defendant), S. I. Ameh, SAN, Salami told the court that “there are three major beneficiaries – Pay4me Services, NIBSS Plc and Drexel”.

The witness, while responding to a question on whether the money was for services rendered said that, “I can only say for NIBSS which was for services rendered”.

According to him, the payment to NIBSS was made in two tranches – N1,009,600.19 and N244,544,549.90.

Salami added that to the best of his knowledge, the transaction was a commercial transaction but could not confirm if it was an illegal transaction. He added that the narration for the payment is “Civil Defence Fire Immigration Prison Board”.

The case was thereafter adjourned for continuation of trial.

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The NBS stated this in a report on “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength’’ posted on the bureau’s website.

The bureau stated that the Nigeria Inter-bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded in the quarter.

It stated that 97.53 volumes of NIP transactions valued at N13.96 billion were recorded in the quarter under review.

In terms of credit to private sector, the report stated that a total of N15.83 trillion worth of credit was allocated by the banks in the quarter.

It stated that Oil and Gas and Manufacturing sectors got credit allocation of N3.54 trillion and N2.27 trillion to record the highest credit allocation in the period under review.

The report also stated that the number of banks’ staff increased from 75, 607 in the second quarter to 82,531 in the third quarter.

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The directive is contained in the Regulatory Framework for Bank Verification Number (BVN) Operation and Watch-list for Nigerian Financial System released by the CBN. The implementation of the framework is with immediate effect.

CBN Director Banking & Payments System Dipo Fatokun, who signed the framework, said bank customers are to abide by the regulatory framework for BVN operations and the watch-list for the Nigerian Banking Industry and also report all suspicious or unauthorised activities on their accounts.

Data from the CBN showed that Nigeria experienced a total of 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last one year mainly through cross channel fraud, data theft, email spooling, phishing, shoulder surfing and underground websites.

Although e-fraud rate in terms of value dropped by 63 per cent, after the BVN introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent.

The new regulation is expected to assist the CBN to a great deal, in curbing the menace of fraudsters

According to Fatokun, the new framework is in exercise of the powers conferred on the CBN, by Sections 2 (d) and 47 (2), of the CBN Act, 2007, to promote the development of efficient and effective payments systems for the settlement of transactions.

He said the framework provides standards for the BVN operations and watch-list for the Nigerian Banking Industry. The watch-list comprises a database of bank customers’ identified by their BVNs, who have been involved in confirmed fraudulent activity in the banking industry in Nigeria.

Fatokun said the regulatory framework shall guide activities of the participants in the provision of the BVN operations in Nigeria and that the CBN, Nigeria Inter-Bank Settlement System (NIBSS), Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Bank Customers are participants in its implementation.

He said the CBN, in collaboration with the Bankers Committee, proactively embarked upon the deployment of a centralized BVN System and launched the BVN in February, 2014. This, he said, is part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles, and the promotion of a safe, reliable and efficient payments system.

The BVN gives a unique identity across the banking industry to each customer of Nigerian banks.

“This framework also defines the establishment and operations of a Watch-list for the Nigerian Banking Industry, to address the increasing incidences, of frauds, with a view to engendering public confidence in the banking industry.

This framework, without prejudice to existing laws, is a guide for the operations of the watch-List in the Financial System”.

The Watch-list is a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities.

The framework is expected to clearly define the roles and responsibilities of stakeholders; clearly define the operations of the BVN in Nigeria; define access, usage and management of the BVN information, requirements and conditions and provide a database of watch-listed individuals.

It is also expected to outline the process and operations of the watch-List and deter fraud incidences in the Nigerian Banking Industry.

In implementing this framework, the CBN is expected to approve the Regulatory Framework and Standard Operating Guidelines as well as approve eligible users for access to the BVN information.

The Nigeria Interbank-Settlement System (NIBSS) is to collaborate with other stakeholders to develop and review the Standard Operating Guidelines of the BVN while the banks are to ensure proper capturing of the BVN data and validate same before the linkage with customers’ accounts.

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The event will hold at the Eko Hotel and Suite, Victoria Island, Lagos, from June 23 – 25, 2015.

According to the organizers, the theme for this year is “INNOVATION: THE FUTURE OF ePAYMENT”.

This will focus greatly on the future of payment, the assumption that underlines growth potentials 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 payment.

Conference Director, Lilian Ekwedike, noted that while the payment landscape has evolved rapidly over the past decade, 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 changes.

‘In the traditional electronic payment sector the weak national economies across Africa continues to drive cost efficiencies in both domestic and international payment systems.

“International trade expansion and globalization are growing the demands for cross border payment while the rapidly changing demands of corporates, non-banks and banks for lower, reduced fees and improved services will increase pressure on traditional payments models to rationalize.

“The retail payment sector is already undergoing major change primarily as a result of the disruptive impact of ecommerce mobile and tablets. There is a rapid development of new payment concepts and business structures which will displace traditional cash and other forms of payment.”

Lilian Ekwedike stated that over the next five to seven years, retail and wholesale payments are expected to mature into highly automated and interactive eco-systems.

Of particular importance and a new opportunity for banks, will be the growth in the use of traditional electronic ACH payments in the retail sector.

“This is beginning to happen in Nigeria with the NIBBS instant payment platform. Electronic and the newly emerging alternative payment have an increasingly important role to play in enabling banks to displace cash and cheque transactions over the next decade as e-commerce grows and payment accelerates rapidly. Innovation and new developments will be the key drivers for change over the next five to seven years.’

According to her, 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 will hear first-hand, in insightful panel debates, a holistic idea exchange around the industry’s and most pressing issues on Cards, Mobile payment, MPOS, NFC, BVN, Square Me, ATM, EFT, eGovernment payments at federal and state levels, Utility payments etc.

She also said that the company 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).

She confirm that her company has 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 during the conference.

N250,000 will be won by each of the best four epayment demo pitchers. Only solutions that has not been launched or in the market 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

Over 50 companies, including banks, Card companies from the local and international payment community have thrown their weight behind the event.

Some of the companies that will showcase new innovative products and services at this event are: Diamond Bank, Zenith Bank, SecureID Limited, Heritage Bank, First Bank, Chams Group, Access Bank, Unified payment, Fidelity Bank, UBA, Visa International, EcoBank, MasterCard, Unity Bank, APPZONE, shoptomydoor.

Others are Citiserve, global accelerex, Itex, eTranzact, Samsung, Sterling Bank, Globasure, Cardstel, Inlaks, GTP, Verifone, Computer Warehouse Group, Systemspecs, Skye Bank as well as other international companies like future cards dubai, pole premium france, tribecatr south Africa, shenzentecare cards china, JCB international, Checkmarx france etc.

Top government agencies, Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) have also put their weight as partners to this event.

Nigerian Central Bank Governor, Godwin Emefiele will be leading other Nigerian financial institutions’ chiefs to speak at the opening ceremony of this event while the CBN Deputy Governor, Sulaiman Barau will speak at the closing dinner.

Banks and card companies have the opportunity to win in different award categories in the 2015 cardexpo awards.

This is a fully automated award process incorporating online nomination and voting. The cardexpo awards is supported by NIBSS and CBN and the awards will be given out by the CBN deputy Governor at the closing dinner.

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This implies an increase of about 70,952 percent within a period of two years.

PoS terminals, according to Suleiman Barau, deputy governor, operations, CBN, are now card neutral with better connectivity with fail over sim cards and T+1 settlement.

Barau, who was represented by Chidi Umeano, head, shared services, CBN, at a two-day conference on ‘Nigeria Transiting to a Cashless Society: Mapping the Nationwide Agenda’, organised by the apex bank and ReachConsult said this in Lagos.

Stakeholders at the conference, including Christabel Onyekwere, executive director, Nigeria Inter-Bank Settlement System (NIBSS); Babatunde Okeniyi, executive director, sales and marketing, Unified Payment; Tunde Kuponiyi, chairman, Committee of E-Banking Heads, and Gbenga Adebayo, chairman, Association of Licensed Telecommunication Operators of Nigeria, agreed that strong internal audit and risk management system are key to a robust payment infrastructure for electronic and mobile payments in the country.

“While encouraging customers to migrate to electronic platforms, the banking sector has improved and increased the available electronic payment channels”, says Barau.

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A report on e-payment transactions released by the apex bank in Abuja on Monday, said that mobile money transaction values up to N819 million monthly.

“The POS transaction increased in volume from less than 2000 in January 2012 to 1.6 million per month as at June 2014. Over 150,000 POS terminal is presently across the country and 22 mobile money operators has been licensed,” it added.

It added that licensed Payment Terminal Service providers increased from five to 10 to increase POS terminal penetration across the country, adding that Nigeria Inter Bank Settlement System (NIBSS) instant Transfer had increased in volume from 87,000 transactions a month in January 2012 to 3.1 million transactions a month as at June 2014.

The report added that NIBSS instant transfer had increased in value from N51 billion monthly from January 2012 to over N1.5 trillion monthly as at June 2014.

Commenting on progress made so far with cashless policy since inception, it said that implementation of the first and second phase in Lagos and six other states was successful.

It added that tremendous progress had been made in the use of tokenisation and encryption for electronic transactions, adding that security measures in cards was also enhanced.

It said that the apex bank would continue monitoring and reviewing of the cashless policy and would implement connectivity agreement with NIGCOMSAT.

The report added that effort would also be made to conduct appraisal of the cashless policy implementation and implement incentives schemes for alternative payment channel usage.

The report noted that the efforts were in place to ensure implementation of proposed internet hot spots in the 774 local governments before the end of the year.

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