The Central Bank of Nigeria (CBN) and Nigeria Interbank
Settlement System (NIBSS) have further thrown their weight
behind cashless policy with the ongoing Electronic Payment
Incentive Scheme (EPIS). Speaking during the redemption of
prizes in Lagos for the first three winners, representative of the
Banking Payment System Department of the CBN,
IsahAbubakar, said the apex bank will keep giving the desired
support for the EPIS project.

He said cash-less banking will help in revolutionizing Nigeria’s
economic development and enhancing efficiency in business.
He praised the process used in selecting the winners. He said
the cash-less banking initiative is helping to promote financial
inclusion and getting banking to the grassroots.

“The CBN is behind the incentive scheme and will support any
project that takes banking to the grassroots,” he said.

The winners include AdeyinkaAdejuwon, who banks with
GTBank, and was the first prize winner. He went home with
N100,000; the first runner-up was Julie ChiomaUkwosah who
banks with Ecobank and won N50,000 while the second runner-
up, Jerry Boakye-Mensah banks with Diamond Bank and got a
N15,000 cash prize.

Executive Director, Business Development at NIBSS, Mrs.
ChristabelOnyejekwe, said it was the need to drive universal
usage of electronic payments in the country that prompted the
management of the CBN to approve an industry-wide incentive
scheme and awareness campaign for electronic payments for
stakeholders and users.

“The EPIS idea was first conceived in March 2013 which was
followed by Workshop in December 2013 driven by NIBSS
amongst other key stakeholders like banks, several card
schemes among others. Following the submission of the
proposal CBN approved the EPIS in September 2014 with a Go
Live/Implementation date for November 2014,” she disclosed.

Continuing, she said the scheme is primarily focused to reward
users of electronic payment in Nigeria and to further encourage
greater adoption by all. “The incentive scheme will reward and
appreciate usage across all channels with emphasis on
channels of electronic payments that promote financial
inclusion by aiming to identify and reward the cardholders,
merchants and sales persons,” she said.





“In other to spice up a reasonable level of awareness and
excitement in anticipation of the Loyalty Program for consumers
and salespersons, we proposed an EPIS Monthly Raffle Draw
Initiative targeted at all card users (POS transactions) within
the Nigerian e-payment ecosystem”.

She said all winners are expected to have a valid Biometric
Verification Number (BVN) for the authentication of their various
bank accounts adding that Ernst & Young was appointed to
ascertain the credibility of the process. Also, the initiative has
been backed by Consumer Protection Council and National
Lottery Regulatory Commission.

“Suffice to say that Electronic payment and card usage in
Nigeria is still at its nascent stage as most transactions in the
country are still done with cash. Go cashless, use your cards
and support the CBN’s Payments System Vision PSV2020,” she
advised.