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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Friday,July 16, 2004. CBN releases guidelines for electronic banking By Emma Okonji IT. Telecom Reporter, Lagos   Central Bank of Nigeria (CBN) has released guidelines for the proper administration of electronic banking, an idea that is aimed at encouraging financial transactions while using Smart Cards. CBN Deputy Governor, Mr. Shamsudden Usman, who disclosed this information during his keynote address at the opening ceremony of the fourth West Africa’s Card Technology Conference and Exhibition, held in Lagos, said although the Smart Card industry has been doing well in the last few years, there is need to lay more emphasis on Automated Teller Machines (ATM) in banks. Usman said all banks interested in the SmartCard payment system should create an environment of trust and security among Nigerians, explaining that it is only when Nigerians believe in the strength of electronic payment system that they would invest in the business. The provision of infrastructure for e-banking is also part of the guidelines. He called on banks to establish a central processing unit, implement a global system that would achieve online payment system and introduce a robust electronic payment system in the country that would enhance safety and soundness of banks, operating it. The need to embrace a cashless society was the focus of the exhibition, organised by Intermarc Consulting Limited. Managing Director of Nigerian InterBank Settlement Service (NIBSS), Mr. Paul Lawal, while presenting a paper at the forum, said there was the need to change the behaviour of consumers through the use of card payment system. According to him, the population of Nigeria is over 120 million, noting that it is enough reason to pose a challenge to banks since the number is a high potential for the high use of electronic cards in the country. He decried the high use of cash outside the banking sector, noting that 90 per cent of businesses in Nigeria is cash- based, while 80 per cent of the money supply is outside the banking sector. He explained that the implication is that it would affect planning and economic growth of the country. The forum, he said, would seek to put a lasting solution to the envisaged problem.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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