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Banks in Nigeria

Banks invested over N100bn in developing ePayment channels—ACAMB

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At the heat of complains and customer frustrations over rising failures in electronic payment systems, the Association of Corporate Affairs Managers of Banks (ACAMB) is claiming that banks have invested over N100bn to develop electronic payment channels in the system.
In a statement signed by the association President, Rasheed Bolarinwa, titled ‘Banks not hoarding new naira notes, normalcy returning soon,’ the body averred that “Nigerian banks have invested an estimated total sum in excess of N100bn in setting up and maintaining cutting-edge electronic channels over the past few years as part of ongoing commitment to seamless customer experience and real time digital financial transactions.
“From Internet banking to mobile apps, Automated Teller Machines, Point of Sales merchants, mobile wallets, Unstructured Supplementary Service Data codes, agents and digital franchises among others; not less than 80 per cent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian banks.”
ACAMB empathised with the public on the unintended hardships being faced in the process of the ongoing rollout of re-designed naira notes and enhanced cashless policy. It noted that the unintended constraints in the withdrawal of old naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, had unintended effects on the generality of the Nigerian populace.
However, the statement failed to inform Nigerians that frustrations in internet services largely contributed to the lingering epayment crisis.

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