Failed Transactions: Experts Urge CBN To Improve Payment System

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

Uche Uwaleke,  a Professor of Finance and Capital markets at the Nasarawa State University,  Keffi, revealed that one of the ways CBN can engender confidence in the financial system is 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.

“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.”

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 are going through payment delays 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.

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

“We have enumerated all the gains and risks 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.