The Central Bank of Nigeria says the Cashless Nigeria policy has reduced the cost of banking services, increased awareness and usage of electronic channels, and improved the effectiveness of the CBN’s monetary policy.

The Deputy Governor, Operations, CBN, Mr. Adebayo Adelabu, who stated this, said the policy had also fostered transparency in the economy.

He spoke on Friday at the second anniversary of the Electronic Payment Incentive Scheme initiated by the CBN in collaboration with the Nigeria Interbank Settlement System Plc.

The scheme was designed to reward banks and other stakeholders in the e-payment sub-sector.

“We celebrate and reward those who make things easier with payment innovations and extending the reach of financial services towards reducing cash dependency in our economy,” Adelabu said referring to the EPIS.

Adelabu was optimistic that the country’s e-payment system would witness significant improvements in the coming years, given the level of technology that is being currently deployed.

The Managing Director and Chief Executive Officer, NIBSS, Mr. Adebisi Shonubi, said the volume of e-payment transactions had increased significantly following the introduction of the reward scheme.

He said, “We see significant improvement in efficiency across most of the platforms. The Point of Sale which has been a very big problem for us had error rate in excess of 15 per cent; this has dropped significantly to about 10 per cent.

Zenith Bank Plc, Standard Chartered Bank, Union Bank Plc, Access Bank Plc and Guaranty Trust Bank Plc emerged winners in the banks’ category.