Bank auditors commend CBN on payment system initiatives

The Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN) at the weekend commended the Central Bank of Nigeria (CBN) for enhancing payment system in the country.
The Chairman of CCIABN, Mr. Abas Alhassan, who made the commendation at the opening of the 6th Annual Retreat of the body held at Nike Lake Resort, Enugu, noted that the CBN has done well on payment system initiatives.
He pointed out that as a result of the advancement the country is now ahead of many African countries and some advanced economies in the payment system administration.
Alhassan also noted that the country’s advancement has led to increase in the use of payment channels.
He mentioned the implementation of EMV (chip and pin), mobile money, instant payment, and cheque truncation as some of the progresses made, urging the apex bank not to relent in its efforts.
Declaring open the retreat with the theme, “The Role of Effective Payment System in the Development of the Nigerian Economy,” the Enugu State Commissioner for Finance, Godson Nnadi, appreciated the efforts of CCIABN in meeting regularly in order to achieve its objectives.
The retreat examined, among others, the cashless policy: the journey so far: boosting customer confidence in electronics payment system: importance of information security and adequacy of CBN guidelines on Nigerian payment system.
At the end of the retreat, the communiqué issued highlighted the steps the committee agreed on to further improve the payment system.