Failed transactions: Experts task CBN on efficient payment system

Some financial experts have urged the Central Bank of Nigeria (CBN) to improve on its payment system to enhance speed of settlement transactions.

They made the urge during a panel discussion on the topic; “Fostering Confidence in the Integrity and Soundness of the Nigerian Financial System” at the ongoing seminar for finance correspondents and business editors on Wednesday in Calabar.

Our correspondent reports that failed transactions come in different form of transfers to other accounts or payment of bills and buying airtime.

It also come in different variations such as card transactions, online or internet banking, or the use of USSD codes.

Mr Uche Uwaleke, a Professor of Finance and Capital Market at the Nasarawa State University, Keffi, said that one of the ways CBN could engender confidence in the financial system was to come up with an efficient payment system.

According to him, one of the goals of the payment system is to reduce costs, minimise risks, among others.

Uwaleke said, “to this end, I want to submit that to enhance the confidence in the financial system, we need a reliable, we need resilience and we need a safe payment system.”

Mr Chijioke Ekechukwu, a former Managing Director of Dignify Finance and Investment Ltd., urged the CBN to come up with an electronic system that would allow bank customers to lay complaints regarding failed transactions.

He said bank customers were going through payments delay alongside poor and bad networks.

“When a payment is made, it doesn’t get to its destination and the beneficiary does not get the money.

“We don’t have to physically go to the bank to lay complaints; there must be a system that will have to do that electronically for the bank to know that we have this problem.

“If we have to go physically, then it actually defeats the real aim of making electronic payments. These payments can be made from outside the country, I don’t need to come back to make a complaint that will last two weeks.

“So, if we’re able to solve this particular one, there will be restoration of confidence in the system,” he said.

Mr Eme Eleonu, an inventor and pioneer, Web application developer, called on the media to assist in sensitising the public on gains of using the central bank digital currency, the eNaira.

“We have enumerated all the gains and risk associated with the eNaira. I want to believe that we have resolved that we want to move forward to see how we promote this.

“We have already hinted on the challenges we have unlike some of the other financial instruments. There’s really no backup behind this one except the central bank.

“And since the main beneficiaries are the people, I want to propose that you should help us so that we don’t throw away the baby with the bathwater.

“That means our reportage should make a distinction from such that it will benefit the ordinary man on the street and so that we get more people involved,” he said.

Mr Sunday Ogwu, Business Editor of Daily Trust Newspaper, advised the media to understand issues bothering on the financial system to distill the right kind of information to the people.

“And what is also important is that we must keep our eye on the goal and understand the objectives of these people who want us to attack some of these policies.

It is also necessary to know whether their objectives are to protect the people, to destroy the system, all together. This country is ours to build,” he said.