In response to the challenges encountered within Nigeria’s electronic payment system during the first quarter of 2023, industry stakeholders are gearing up to deliberate on solutions aligned with Nigeria’s Payment System Vision (PSV) 2025.
Last December, the Central Bank of Nigeria (CBN) introduced the Payments System Vision (PSV) 2025, a strategic roadmap propelled by key elements such as contactless payments, big data integration, and open banking.
Integral players, including regulators, telecommunications and financial service sector leaders, payments service providers, and switching companies, are poised to convene in Lagos for the 2023 annual conference of the Finance Correspondents Association of Nigeria (FICAN).
The central theme of this year’s conference, scheduled for September 16th and 17th, 2023, is “Strengthening Digital Infrastructure for Efficient, Innovative Payment Systems in Nigeria.”
A joint statement from the National Chairman of FICAN, Chima Titus Nwokoji and National Secretary, Sam Diala highlighted the imperative of substantial infrastructural investments within Nigeria’s payment ecosystem, given the events of the first quarter of the year.
Amid the multifaceted challenges faced by the e-payment ecosystem, a robust digital infrastructure that aligns with global trends is posited as a pivotal catalyst for its advancement, according to the statement.
The Nigeria Interbank Settlement System (NIBSS) recently reported that electronic payment transactions by commercial banks and financial institutions reached a total of N135.52 trillion in the first quarter (Q1) of 2023. Data from NIBSS revealed a striking 298 percent year-on-year surge in the value of electronic payment transactions, compared to the N34.04 trillion recorded in the same period of 2022.
Telecommunications operators, along with financial institutions, have played a significant role in stabilizing the payment system and contributing to economic growth. Anticipating future challenges, they are anticipated to play an even more substantial role in electronic payments.
The keynote speaker for the conference will be the Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi.
Other distinguished guest speakers include the Executive Vice Chairman of the Nigeria Communications Commission, the Managing Directors of the Nigeria Sovereign Investment Authority, and InterSwitch Group.
Among the panelists contributing to discussions are representatives from the Central Bank of Nigeria, the Nigeria Inter-Bank Settlement System, First Bank, Airtel, E-Transact, Parthian Partners, Opay Digital Services, and Mr. Gbenga Adebayo, President of the Association of Licensed Telecom Operators of Nigeria (ALTON).
The FICAN Conference is a pivotal initiative aimed at enhancing the practice of financial journalism in the country. The event is expected to attract over 150 finance journalists and business editors from various print, online, and electronic media platforms.
The Nigeria Deposit Insurance Corporation, a gold sponsor, will be joined by other prominent sponsors, including NCC, CBN, NIBSS, Parthian Partners, the Assets Management Corporation of Nigeria (AMCON), and NSIA Guaranty Trust Bank.
(Edited by Oludare Mayowa; firstname.lastname@example.org; Newsroom: +234 8033 964 138)