The Nigerian Payments System

SECTION ONE

Introduction

A functional and efficient payments system is a very relevant part of a modern

society to address the increasing sophistication of financial transactions to ensure
that obligations are fully and efficiently settled. For the payments system to function
effectively, the financial system must be properly developed and efficient. An
efficient payments system minimizes liquidity, settlement, systemic, credit,
information security, compliance, legal and regulatory, and operational risks which
are inherent in financial transactions. For the effectiveness of monetary policy,
central banks, across the globe, play a leading role in the development of
appropriate payments policies and instruments. Responding efficiently to current
and future payment needs of economic units while leveraging on new
technological innovations to reduce costs and increase the speed of settlement.

1
 The Nigerian Payments System

SECTION TWO

The Concept of Payments System

A payments system refers to the established infrastructure (institutions, people, set

of instruments, rules, procedures, standards and computer networks) through which
financial obligations are discharged by economic agents. It entails the physical
and organizational structure that enables the transfer of value between parties
discharging mutual obligations. In other words, a payments system refers to an
arrangement in the financial system which supports the transfer of funds from
suppliers/savers to users/borrowers, and from payers to payees, usually through the
exchange of obligations by financial institutions. A payments system comprises
three main elements or processes – payment instruments, processing, and a means
of settlement for the relevant banks ECB (2010). It consists of a paper-based
mechanism for handling cheques and drafts, and a paperless mechanism (such as
electronic funds transfer) for handling electronic commerce transactions.

The goal of any payments system is to ensure that the financial system operates
without interruption so that transactions take place with minimum delay, low risk
and are cost-efficient. Similarly, an efficient payments system reduces the cost of
exchanging goods and services and is indispensable to the functioning of the inter-
bank, money, and capital markets. It also underlies the optimal utilization of
resources and enhances the implementation of monetary policy to achieve price
stability. Furthermore, it is a channel for the settlement of all types of transactions
including cross-border financial flows.

An efficient payments system must be supported by a sound legal basis, secure,

reliable, accessible, prompt and cost-effective to meet the needs of all users. . Its
technical efficiency would determine the extent to which monetary transactions
are consummated in any economy as well as the risks associated with its use. In
contrast, a weak payments system may impact the stability and development of
an economy, while its failures can result in inefficient use of financial resources.

2.1 The Role of the Payments System in an Economy

The payments system plays a crucial role in any economy as it remains the main
channel for inter-sector, inter-industry, inter-company, and interpersonal financial
resource flow, thus promoting economic growth, thus, representing the major
foundation of the modern market economy. Essentially, there are four pivotal roles
for the payments system, as shown below:

3
 The Nigerian Payments System

a) Financial Intermediation
The Deposit Money Banks (DMBs) provide services as financial intermediaries by
making funds available to all economic agents. The payments system facilitates
intermediation through the transfer of value from a payer/depositor to the
payee/receiver of the fund, in the process of exchange of goods and services.
Thus, the system is the channel through which liquidity and credit are transferred
from one participant to another in the financial system.

b) Facilitates Settlement of Transactions

The payments system helps to speed up the exchange and settlement of funds and
securities. In terms of settlement techniques, the payments system can be grouped
into two: Real-Time Gross Settlement System (RTGS) and Deferred Settlement
(Netting) System. RTGS is used by central banks for high-value payments and does
not bear any credit risk as payments are settled in real-time. It is a system that
enables banks to settle payments immediately and in full; however, liquidity issues
could occur in the system which may require credit extension. One way to reduce
such a system liquidity requirement is by using the deferred settlement system to
net transactions. In a netting system, payment instructions are deferred until some
designated time when banks exchange net amounts owed to each other. In other
words, deferred net settlement system refers to an arrangement that affects the
settlement of obligations or transfers between counterparties on a net basis at
some later time.

c) Minimizes Risks
An efficient payments system minimizes liquidity, settlement, systemic, credit and
operational risks involved in the transfer of monetary value that may arise from one
or more economic units.

d) Provides the Necessary Framework for Monetary Stability

An efficient payments system is a precondition for the smooth functioning of the
money/credit market and the safe execution of monetary policy operations that
can guarantee moderation of interest rates. In essence, an efficient payments
system enhances the implementation of monetary policy and the maintenance of
monetary and price stability.

4
 The Nigerian Payments System

SECTION THREE

TYPE OF PAYMENTS SYSTEM AND INSTRUMENTS

Different types of payments system are available through different platforms and
these can be broadly categorized into two: Retail/Small Value and Large
Value/Wholesale payments system.

3.1 Retail or Small Payments System

An individual with a payment card of any kind is part of the retail payments system.
At the retail level, most transactions involve cash, cheques, draft, cards, and
Automated Teller Machines (ATM), Automated Clearing House (ACH), bulk
payments, etc. Retail processes are relatively small payments among consumers
and businesses and are used primarily by the non-bank public for making and
receiving payments.

3.1.1 Instruments of Retail Payments

These payment instruments can be classified into four, namely: currency or cash;
paper-based instruments; paperless or electronic instruments; and other
instruments.

i. Currency or Cash
This instrument takes the form of banknotes and coins and is the most preferred
method for small payments in Nigeria because it is free of credit risk.

ii. Paper-based Instruments

These include cheques, bank drafts and traveler’s cheques. Despite the obvious
advantage of these instruments over cash, their use is still very limited in Nigeria. This
is due to the low level of trust and acceptability of the instruments for the settlement
of obligations, predominance of peasantry in the real sector and informality in the
trade sub-sector of the economy.

iii. Paperless or electronic instruments

Paperless or electronic instruments are essentially technology platforms such as
Automated Teller Machines (ATM), Automated Clearing House (ACHs), point-of-
sale terminals (PoS), internet payments, mobile telephones and wire transfers.

iv. Other Payments Instruments

Other paper-based instruments include postal orders, money orders, vouchers, and
pre-paid cards. The use of these instruments is diminishing over time due to the

5
 The Nigerian Payments System

poor postal system, preferred use of banking services especially bank drafts or
certified cheques and increased use of electronic payments instruments in the
country.

3.2 Large-Value Inter-bank Payments (LVPs) or Wholesale Payments System.

This system typically processes critical high-value payments. LVPs are primarily used
for corporate financial transactions. It enables payments to be made electronically
within the country and transactions are settled in real-time. Other advantages of
the system are its speed, reliability, safety, convenience, cost-effectiveness, and
accuracy. However, if this system fails, it could trigger disruptions and transmit
shocks to financial markets, the domestic economy as well as at cross-border levels.
The LVP system is privately run by the Nigeria Interbank Settlement System (NIBSS)
Plc.

3.2.1 Instruments of Wholesale Payments System

i. The Real Time Gross Settlement (RTGS) System

RTGS systems are large-value funds transfer services that operate continuously
during the business day to provide irrevocable settlement of payments obligations
via the Central Bank. The most important feature of the RTGS system is that it
provides instant settlement with finality as soon as payment instructions are
received, provided that sufficient funds are available in the settlement account of
the authorizing bank. In the RTGS system, settlement refers to the actual transfer of
funds from the sending bank to a receiving bank. Finality refers to a settlement that
is unconditional and irrevocable. On the other hand, real-time means that
payment instructions are executed continuously as they enter the system, while
gross settlement means that for each payment instruction, the total gross amount
of funds is transferred.

To increase the efficiency of payments, the CBN commenced the operations of

the RTGS system on December 18, 2006, and was named the “CBN Inter-bank
Funds Transfer System (CIFT)”. The system interfaces with the Bank’s core banking
application (the T24 System) and has all DMBs and discount houses as direct
participants. The System allows participants to perform several transactions
electronically from their offices, using the Terminal Access Device. Notable among
the transactions that can be carried out, are inter-bank transfer, third party funds
transfer (transfer on behalf of Bank A’s customer to the account of Bank B’s
customer), account balance inquiries, queue management, report generation,
and reconciliation.

6
 The Nigerian Payments System

The RTGS offers several other benefits which include a reduction of systemic risk, the
elimination of settlement risks due to the irrevocability of payment messages, and
enhanced efficiency of the monetary policy implementation process. The system
is also capable of providing Delivery Versus Payments (DVP) for securities
settlement and Payments Versus Payments (PVP) for foreign exchange settlements
to reduce their risks.

ii) Society for Worldwide Inter-bank Financial Telecommunication (SWIFT)

It is designed for international payments using the messaging system. It facilitates
international trade e.g. Letters of Credit, and transfers are characterized by high
transaction costs denominated in US dollars because the network is not domiciled
in Nigeria.

7
 The Nigerian Payments System

SECTION FOUR

THE PAYMENTS SYSTEM IN NIGERIA

The payments system in Nigeria was predominantly cash-based before the

introduction of the cashless policy in 2011 (John et. al., 2020). With the introduction
of the cashless policy, payment operations became increasingly characterized by
electronic funds transfers, ATMs, and other electronic payment systems. The value
of electronic payments has thus, risen consistently since 2012 (see Table 1).

Value of E-Payment Channels from 2012 to 2019 in Trillion Naira

Period Cheques (N) NEFT (N) ATM (N) POS (N) WEB (N) Mobile Money (N)NIP (N) EBILLSPAY REMITA NAPS M-CASH CENTRALPAY
2019 4,481.67 25,132.00 6,512.61 3,204.75 478.14 5,080.96 105,222.56 652.59 20,724.63 0.60 5.48 441,905.96
2018 5,035.33 11,030.96 6,480.09 2,383.11 404.60 1,830.70 80,423.03 500.21 18,495.99 12,078.91 1.20 8.10
2017 5,381.91 14,946.46 6,437.59 1,409.81 184.60 1,102.00 56,165.67 550.75 13,529.50 4,960.35 0.62 5.00
2016 5,829.55 14,584.80 4,988.13 759.00 132.36 756.90 38,109.06 339.41 10,652.49 753.69 - 1.44
2015 6,195.46 13,087.09 3,971.65 448.51 91.58 442.35 25,540.84 217.43 6,223.45 98.68 - 0.31
2014 7,269.08 14,563.80 3,681.98 312.07 74.21 339.24 19,921.50 44.33 4,914.14 - - -
2013 7,708.67 14,367.95 2,830.53 161.21 47.32 143.37 10,848.73 0.02 - - - -
2012 7,487.41 13,753.18 1,984.99 48.46 31.57 31.51 3,890.26 - - - - -
Source: CBN website

Over the last 50 years, the CBN has put in place several measures to strengthen its
internal capacity to cope with rapid developments in the payments system. These
include regular issuance of relevant rules, as well as regulations and guidelines
which enables the Bank to exercise greater and more effective surveillance over
the system. The four associated national institutional frameworks include: The
National Payments System Committee (NPSC), The Payments System’s Vision (PSV)
2020, The National Payment System Working Groups (NPSWG) and The Payment
Infrastructure and Strategy Committee (PISC).

The PSV 2020 is targeted at seven major payment processes which include:
government supplier payments, person-to-person payments, salary payments, bill
payments, business tax payments, individual tax payments and securities
settlements (CBN Briefs 2012/2013). Successful implementation of the PSV 2020 led
to improvements in institutional, infrastructural, and payments (products) capacity
with ongoing reviews and regulations to sustain and improve the payments system
in Nigeria.

To further strengthen the payments systems, the CBN, from time to time, releases,
and updates guidelines. Some of the recent improvements to the payments system

9
 The Nigerian Payments System

include the new license categorization for the payments system, framework for
regulatory sandbox operations, and Quick Response (QR) payments solutions.

To encourage the use of cheques, the CBN mounted a national campaign to

promote the use of payment orders. Also, the Foreign Exchange (Monitoring and
Miscellaneous Provision) Decree No. 17 of 1995 (section 21) was promulgated to
prohibit the use of cash in paying for landed property, stocks, shares, debentures
and all forms of negotiable instruments; and to encourage the use of bank transfers
and cheques.

The Bank continues to focus on strengthening its institutional and regulatory

framework to facilitate financial inclusion and promote the usage of electronic
payments.

4.1 The Structure of the Nigeria Payments System

(a) Currency or Cash

The core of the payments system in Nigeria is the currency, comprising notes and
coins, and is highly prone to the risk of loss, theft, accident, counterfeiting, etc.
The currency structure, which hitherto consisted mainly of smaller denominations of
50k, N1, N2, N5 coins and N10, N20, N50 notes, has been restructured to include
higher denominations of N100, N200, N500 and N1000 notes.

The cash payments system in Nigeria has continued to co-exist with non-cash
payments scheme. However, the adoption of more recent system technology has
led to increased values and volumes of electronic transactions (NIBSS, 2020).

(b) Non–Cash Payments System

Non-cash payments system available in the country includes the Bankers Clearing
House (Inter-bank Clearing) System, Inter-bank Settlement System, the Securities
Clearing System, and other types of electronic payment systems.

i. Inter-Bank Clearing System (Bankers Clearing House System)

The CBN established the first clearinghouse in May 1961 to facilitate the clearing of
cheques and promote effective payments. Thereafter, as Central Bank branches
were opened in state capitals, clearinghouses were also opened in these
branches. At end of December 2012, there were twenty-one clearing houses in
operations in State Capitals and the Federal Capital Territory, Abuja.

The Bank further introduced the implementation of the Magnetic Ink Character
Recognition (MICR) programme in 1991 to modernize the processing of cheques

10
 The Nigerian Payments System

and other instruments. Members of the cheque clearing system in Nigeria include
the CBN as superintendent and DMBs (clearing) as operators. The clearers (DMBs)
deal in a dual capacity, first on their behalf and secondly, as agents to other DMBs
that do not have direct access to clearing house facilities.

ii. The Nigeria Inter-Bank Settlement System (NIBSS)

To enhance the payments system, the Bankers’ Committee established the Nigeria
Inter-Bank Settlement System (NIBSS) in 1993 and it commenced operations in 1994,
as a non-profit intermediary between banks. It complements the Central Bank’s
clearing and settlement procedures to minimize payment bottlenecks and
settlement delays as well as provide same-day clearing and settlement of high-
value inter-bank transfers. It is a fully computerised system delivering real-time
services to the banking system. The CBN is not an equity participant but has a
voting right and chairs the NIBSS as the apex financial sector regulatory institution.

iii. The Nigeria Automated Clearing System (NACS)

In collaboration with the Bankers Committee, the CBN launched the Nigeria
Automated Clearing System (NACS) on October 21, 2002. This was in response to
delays associated with the implementation of the Magnetic Ink Character
Recognition (MICR) clearing system. NACS facilitates the automated clearing and
processing of cheques online using a combination of MICR and imaging
technology. Under the system, cheques are captured and processed at high
speed with the use of a reader/sorter machine and state-of-the-art computer
technology. The NACS provides the anchor for the electronic payments system in
Nigeria.

In addition to these systems, the Cheque Truncating and Conversion System (CTCS)
was introduced to implement a paperless cheque clearing process, achieve a
common day hold throughout the nation and increase the efficiency of the
clearing and settlement process. In the CTCS, the clearing of cheques is based on
the image and MICR Code-line data of the cheque rather than the physical
cheque, the image and data of the cheque, such as the MICR field, date of
presentation, presenting bank, etc., is transmitted electronically throughout the
clearing process. Thus, there will be no need to move the physical cheque from the
collecting bank to the clearinghouse and the paying bank. With the use of the
CTCS, the efficiency of cheque clearing has now been standardized to T+1
settlement.

iv. The New Settlement Framework

The CBN introduced this new settlement system in April 2004, to minimize risk, further
improve efficiency and eliminate settlement lag for high value and time-sensitive

11
 The Nigerian Payments System

payments. Under this framework, a new settlement classification was introduced

which segmented banks into settlement and non-settlement banks. While
settlement banks maintain settlement accounts with the CBN, the non-settlement
banks maintain only operational accounts for limited transactions with the CBN.
These are foreign exchange and inter-bank fund transfer accounts. Under the new
arrangement, non-settlement banks are required to clear their cheques through
settlement banks. It also involves an upward review of required clearing collateral
to N15.00 billion for each bank that aspires to the status of a settlement bank.

Consequently, seven clearing banks that met the requirements for maintaining a
clearing account, were appointed and designated “settlement Banks” in 2004. The
number of settlement banks was further increased to 12 in 2006. The arrangement
under this new system has enabled the non-settlement banks to maintain agency
arrangements with the settlement banks.

The new clearing and settlement arrangement have reduced the various risk
elements previously associated with earlier arrangements. The problems of distress
and moral hazard, usually associated with overdrawn positions of banks, arising
from cheque clearing, have been eliminated and the self-regulatory nature of the
scheme has imposed some measure of discipline on the banks.

v. The Nigeria Securities Clearing System (NSCS) and Central Securities

Clearing System (CSCS)
This system concentrates on securities transfer, which involves debt service and
money market instruments with the NSE acting as superintendent of the trading
activities. The main participants in these markets are the dealing members of the
NSE, banks, and institutional investors (pension funds and insurance companies).
Payments for securities are made through cheques, draft or same-day inter-bank,
or electronic payments.

With the internationalisation of the NSE, a Central Securities Clearing System (CSCS)
evolved in 1997, to clear and settle all listed securities including FGN development
stocks, industrial loan stocks, preference stocks, and equities. The CSCS is an online
automated securities trading system, which facilitates the electronic settlement of
deals between stockbrokers and customers through the in-house clearing system
and the NSE central computer via a communication network. Thus, a securities
settlement system is the mechanism by which the purchase of a security is paid for
and by which the title is transferred from the seller to the buyer.

12
 The Nigerian Payments System

vi. The Nigeria Electronic Payments System

These are non-paper computer-based technology payment instruments of which
the electronic payments system is one. The electronic payments system is made
possible by the existence of electronic money (e-money) which can be defined as
a stored-value product in which a record of the funds or value available to the
consumer for multipurpose use is stored on an electronic device held by the
consumer. The electronic payments system is amenable to electronic platforms
such as automated teller machines (ATM), point-of-sale (PoS) terminals, internet
payment, plastic money (e.g e-purse, debit, and credit cards), mobile payment
and wire transfers, etc.

Debit cards are the dominant card mechanism in Nigeria, they are also known as
ATM cards. ATM usage exceeds PoS transactions given the current limited
deployment of PoS terminals. Other means of Electronic Funds Transfers (EFT) in the
country are the Automated Clearing Houses (ACH), Nigeria Electronic Fund
Transfer (NEFT), NIBSS Fast Funds, RTGS, and SWIFT. Their wider introduction and use
in Nigeria could contribute significantly to the improvement of the payments
system. Banks are increasingly deploying electronic money instruments to aid
service delivery, given their significant cost-effectiveness and operational
efficiencies in the payments system.

a) Electronic Cards
Electronic cards are physical plastic cards that uniquely identify the holder and
carry a monetary value that could be used as a means of settling financial
obligations. There are three basic types of electronic cards namely: E-purse, Debit
Cards, and Credit Cards.

i. E-Purse: Also called electronic wallet, carries a pre-loaded monetary value

and can be used as a means of payment for multiple small value
purchases. ValueCard and SmartPay are the predominant types of plastic
money in use in Nigeria.

ii. Credit Cards: A credit card indicates that the holder has been given a line
of credit by the issuer. Credit cards are used to facilitate transactions
without the movement of currency or cash. This allows the holder to make
purchases and/or make withdrawals of cash up to the pre-arranged card
credit limit. The credit is settled either in part or in full within a specified
period.

13
 The Nigerian Payments System

iii. Debit Cards: Debit cards enable the holders to make purchases and
withdrawals, charged directly to funds in their accounts. Examples of major
debit cards include VISA, Eurocard, MasterCard, and American Express.

b) Internet Banking
Internet banking involves conducting banking transactions such as account
inquiry, printing of statements of account, funds transfer, payments for goods
and services, etc. on the internet using electronic tools such as computers
outside the premises of the bank. E-commerce is greatly facilitated by internet
banking and is mostly used to effect payments. Internet banking also uses the
electronic card infrastructure for executing payment instructions and for the
final settlement of goods and services between merchants and customers.
Currently, the most common use of internet banking is for paying bills, funds
transfer, and purchase of airline tickets.

c) Telephone Banking
These are banking services that customers of financial institutions can access
using a telephone line as a link to the financial institution’s computer centre.
Services rendered through telephone banking include account balance
inquiries, funds transfer, change of pin, and payment of bills.

d) Mobile Banking
Mobile banking involves the use of the mobile phone for the settlement of
financial transactions. It supports person-to-person transfers with immediate
availability of funds to the beneficiary. Mobile payments use the card
infrastructure for funds transfer as well as secure SMS messaging for
confirmation of receipts (to beneficiaries) and payments (to account holders
who have given payment instructions). It is used for low-value transactions
where speed of delivery is of the essence. The services covered under this
product, include account balance inquiries, funds transfer, mobile phone top-
up, changing passwords, and payment of bills.

4.2 Recent Developments in the Payments System in Nigeria

The following developments were instituted by the CBN recently to support the
payments system in Nigeria. These include;
a. Pre-authorisation and completion of sales transactions: This was
developed in a bid to deepen the adoption of various electronic payment
options available to users, with a full compliance deadline of July 31, 2020.
b. Guidelines on the operations of electronic payments channels in Nigeria.
These include guidelines on the use and operation of ATMs, POS, mobile
POS, and web acceptance services.

14
 The Nigerian Payments System

c. The approval and release of new license categorisation for the Nigerian
payments system (NPS) with a circular issued on December 9, 2020. The
framework offers clarity for new and existing market participants given the
significant evolution and innovation in the NPS. It highlights the broad
categorisation of operators in the payments system framework, the
minimum share capital approved for operators, and other requirements.
The key highlights of the framework include:
i. Licence categorisation and permissible payment system activities.
Payment system activities in Nigeria have now been classified into
four broad categories – Switching and Processing, Mobile Money
Operators (MMOs), Payment Solution Services (PSSs), and
Regulatory Sandbox.
ii. Other regulatory requirements, such as the operation of a holding
company structure, CBN approval, etc.
d. Revised standards on Nigeria Uniform Bank Account Number (NUBAN): The
NUBAN was introduced in August 2010 for Deposit Money Banks (DMBs).
Given its huge success and the increasing role of Other Financial
Institutions (OFIs) in the electronic payments system, the scope of the
NUBAN has been expanded to include OFIs with a deadline of March 15,
2021, for full compliance.
e. The launch of the New Quick Response (NQR) code payment solution: On
March 16, 2021, the NQR code payment solution was implemented on
behalf of all financial service providers. This solution offers a robust platform
that delivers instant value for person-to-business (P2B) and person-to-
person (P2P) transactions by simply scanning to pay.

15
 SECTION FIVE

CHALLENGES AND CONSTRAINTS OF THE NIGERIAN PAYMENTS SYSTEM

Remarkable strides have been made in the country to improve and develop a viable,
secure, and reliable payments system. However, several problems continue to mitigate
optimal operations, growth, and development of the system. Some identifiable
challenges include:

a) Cash Transactions
The Nigerian economy is still basically a cash economy and the recurring distress in the
financial system has accentuated the reliance on cash for business transactions by bank
customers. Cash transactions continue to be predominant despite inherent dangers, such
as theft, counterfeiting, and the inconvenience of carrying large sums of currency. All
these increases the cost of currency management, encourage money laundering, and
facilitate leakages.

b) Infrastructural Deficiency
The poor state of infrastructural facilities for electronic communication and power supply
hinders the smooth functioning of electronic payments. The prevalence of unreliable
power supply and insecure wide area networks (WAN) have compelled financial
institutions to incur high costs in satellite communication systems and private power supply
facilities, with these costs transferred to their customers.

c) Sharp Practices
The prevalence of sharp practices and fraudulent schemes in Nigeria, often undermine
the payments system. The sharp practices include deliberate misdirection and wrong
delivery of clearing instruments as well as presentation of spurious and cloned cheques to
paying banks. These are associated with cases of insider complicity in bank instrument
fraud.

d) Distress in the Financial Sector

The recurrence of distress in the banking system negatively influences public confidence
in banks and constitutes a serious threat to the smooth operations of the payments system.

Other challenges associated with e-payments system include:

a) Low level of literacy: electronic payments are a recent development in Nigeria. A

large number of people thus, find it difficult to operate these systems, as they are
largely driven by knowledge-based information technology which they are not
familiar with;

b) High charges: withdrawing from ATMs other than that of the card-issuing bank (third-
party ATM card withdrawal) attracts additional charges in Nigeria. There are also
associated charges like VAT and commissions incurred using internet banking for
settlement of bills;

c) Low level of banking habit: for most people to use the e-payment platform, they must
be bank account holders. Non-ownership of accounts hinders the effective use of e-
payments;

d) Poor service delivery: this is one of the major challenges of e-payment in Nigeria.
Examples of poor services include insufficient funds in ATMs, network downtime,
 dispensing errors, some ATMs are not user-friendly and old notes loaded in them make
withdrawal difficult, poor human relations, and very long response time when
attending to customer complaints.

e) Lack of accessibility to e-payment platforms: Most people do not have access to

ATM services as the coverage is still limited to some areas within the country.
Bibliography

Akpakpan, E. B., (1999). Evolution, Problems, and Prospects of the Nigerian Payments
System. Central Bank of Nigeria Bullion. Vol. 23, No. 2.

Amedu, U. M., (2005). Domestic Electronic Payments in Nigeria: Challenges. Central Bank
of Nigeria Bullion. Vol. 29, No. 1.

Anyanwu, J. C., (1999). Concepts and Theoretical Framework of the Nigerian Payments
System. Central Bank of Nigeria Bullion. Vol. 23, No. 2.

Asaolu, T. O., Ayoola,T. J., & Akinkoye, E. Y., (2011). Electronic Payment System in Nigeria:
Implementation, Constraints and Solutions. Journal of Management and Society,
Vol. 1. No 2, pp. 16-21 May Edition 2011.

Ayo Charles K., Uyinomen O. Ekong, Fatudimu Ibukun Tolulope, and Adebiyi Ayodele
A.,(2007). M-Commerce Implementation in Nigeria: Trends and Issues, Journal of
Internet Banking and Commerce, Vol. 12, No.2.

John, N. J., Emmanuel, N. C., Ikechi, K. S., & Eke, C.K., (2020). Cashless Policy and the
Nigerian Payment System. International Journal of Innovation and Economic
Development. Vol. 5, No. 6. Pp. 7-29.

Nnanna, O.J., & Ajayi M., (2005). An Overview of the payment system in Nigeria. Central
Bank of Nigeria Bullion. Vol. 29, No. 1.

Ovia, J., (2005). Enhancing the Efficiency of the Nigerian Payments System. Central Bank
of Nigeria Bullion. Vol. 29 No. 1.

Ojo A. T., (2004). Enhancing the efficiency of the payment system: Conceptual
Framework. A paper presented at the 9th CBN Monetary Policy Forum, Abuja, May
2004.

Ovia J. (2002). Payment System and Financial Innovations. A paper presented at the
Annual Policy Conference, Nov. 2002.

Ubong, U. M., (2010). Appraisal of the Electronic Implications of Electronic Banking in

Nigeria Banks: A Case Study of Diamond Bank.

Uduebo, M. A., (1995). The Central Bank of Nigeria and the Payments System. Economic
and Financial Review, vol. 3