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Nigeria: CBN - E-Payment of Salaries, Supplies Commence Jan 2012
Source: allafrica.com
Source Date: Thursday, December 01, 2011
Focus: Institution and HR Management
Country: Nigeria
Created: Dec 01, 2011

The Central Bank of Nigeria has said it had concluded plans to implement the electronic payment of government supplies, all forms of taxes, salaries and pensions by January 2, 2012.

Speaking at a one-day Public Sector Stakeholders enlightenment programme on the e-payment initiative in Port Harcourt Wednesday, Head of Domestic Payment CBN, Mr. Emmanuel Obaigbona, stated that the initiative was in regard to the presidential directive in 2009, that from January 2012, all payment by the government and parastatal must be by electronic system.

Obaigbona, who was also the chairman of the programme, said that regarding the objective of the National Payment System Vision 2020, the initiative planned to develop a payment system that is nationally utilised and internationally recognised.

He stressed, in as much as other stakeholders were in support of the initiative, the CBN had the responsibility to approve licences for qualified e-payment companies, create awareness of the new system, have the oversight function over other banks, and ensure compliance with guidelines concerning e-payment services.

Obaigbona pointed out that the system would reduce corruption in banks and public sectors as well as reduce exposure to armed robbers.

" You know there are a lot of problems with cash, corruption for instance, it will help to reduce corruption in the system and the frequent of robbery attack on banks bullion vans will stop", he said.

Also speaking, Project Manager, PVS2020, CBN, Mr. Sam Okojere, said the apex bank had about eleven working groups on the e-payment system.

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