Last week Nigeria Inter-Bank Settlement System (NIBSS) Plc introduced two financial instruments to promote the cash-less policy so as to transform the payment system in the country.
In unveiling the two new products, NIBSS e-Billspay and Automated Direct Debit, the Managing Director and Chief executive Officer, NIBSS, Mr. Adebisi Shonubi, said that the financial instruments are also meant to drive financial inclusion.
“The ADD is a cash-less or electronic payment method for settlement of financial obligations and indebtedness on a recurring basis through authorisation to debit nominated bank accounts in any bank at agreed intervals.”
Shonubi noted that the product was for customers of deposit money banks, utility companies, insurance companies, leasing companies, pension companies to mention a few.
Speaking on the NIBSS e-Billspay, the NIBSS boss said the e-Billspay was an account number based, online real-time credit transfer product that enabled customers to make payments by leveraging the security provided by the banks.
He pointed out that it enabled banks to provide electronic bills payment services through payment channels such as Internet banking and mobile banking while leveraging on the securities measures provided by these channels with a view to making payments to signed-up billers.
Shonubi also said that the level of growth in PoS adoption signified the potential for vast acceptance of PoS payment channels towards delivering on the CBN’s cash-less Lagos initiative which had been successful in the promotion of e-payment platforms such as PoS terminals as an alternative to cash payments within and outside Lagos.
“There are numerous benefits of using e-platforms to merchants and cardholders including fast and efficient service, security and convenience of payment,” he added.