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In line with the circular BPSD/DIR/GEN/CIR/01/012 from the Central Bank of Nigeria (CBN) dated September 18, 2014 on Electronic Payments Incentive Scheme (EPIS), as part of the components of EPIS, NIBSS was mandated to work in collaboration with CBN to host periodic efficiency awards with the objective of driving innovation, performance and efficiency across the value chain in the Nigerian Payment Space.
The “CBN Electronic Payments Efficiency Awards” is an annual event to recognize, incentivize, reward and encourage stakeholders in the Payments space. It is also to appreciate efforts geared towards driving adoption across the e-payment service delivery channels and the promotion of financial inclusion.
The Awards event has over the years accrued some benefits amongst which include but not limited to:
- Impressive growth in innovative payment channels such as USSD, Mobile, contactless solutions, etc
- Increased transparency amongst stakeholders in the industry
- Transaction failure and fraud rates are declining increasingly on the various available channels
- Better upgrade and integration of systems which is bringing to bear a radical increase in stakeholder collaboration all geared towards efficiency
- Enhanced efficiency of payment services and excellent service delivery.
- Recognize and encourage other indirect stakeholder groups working together in driving the cashless culture.
This annual event plays host to Payment System Service Providers and Promoters across the value chain. The scope of the awards is based on Performance, Efficiency and Innovation in provision of payment services, and ALL award parameters is based on electronic payment transactions data rendered to CBN by Banks and other licensed payments service providers, public voting and surveys administered to industry stakeholders for transactions in within the year under review.
2019 AWARDS CLASSIFICATION: • DATA BASED AWARDS: These awards are based on data rendered to CBN for electronic payments transactions processed by Banks and other licensed Payments Service Providers in 2018. • SURVEY BASED AWARDS: Awards based on survey administered to Industry stakeholders. • PUBLIC Vote: Awards based on public voting process
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NIBSS Position paper on Open Banking – December 2018
Open Banking involves the use of open APIs (Application Programming Interface) which were earlier on seen as propriety, intellectual properties of financial institutions (Deposit Money Banks), to power digital financial transactions processed by other banks and licensed non-bank financial services providers