All over the world, electronic payment grew by 8.9% to reach 387.73 billion in 2014.

This growth was due to the growing non-cash payment means in developing countries such as Nigeria.

But it is the use of card that has been the fastest growing instrument since 2010 as use of cheques continued to decline.

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Dipo Fatokun who is the Director, Banking and Payments Systems of Central Bank of Nigeria, CBN stated this while speaking on ‘Electronic payments industry’s performance and regulatory issues’ at a forum organsied by finance correspondents in Lagos.

According to Fatokun, use of non-cash means of transaction has continued to rise and debit cards accounted for the highest share of global e-payment in 2014 at 45.7%.

“The global non-cash volume had also grown to 426 billion in 2015 also as a result of development in developing countries with a growth rate of 10.1%,” he said.

However, use of cash remains high despite the increased adoption of payments

But Fatokun noted that with the speed at which instant payment is growing, it has potential to replace cheques and cash.

Other instruments of non-cash payment have also continued to grow at a rapid pace such as mobile money where value of transaction has risen to about 800 billion naira between 2016 and May 2017.

Dipokun also spoke on fraud and what the apex bank is doing to curtail.

While noting that there is nowhere in the world where e-fraud has been completely eliminated because of human element involved in fraud process but also noted that Nigeria has consistently seen a reduction of actual financial losses arising from fraud cases.

The Central Bank of Nigeria is also working on a system that will rely on the use of bank Verification Numbers, BVN to track and arrest people who steal money from banks.

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The BVN links individuals’ bank accounts and helps bank trace transactions as well as verify true identities of account holders.

Dipo Fatokun who is Director, Banking and Payment System Department of CBN disclosed this while speaking at a forum organized by finance correspondents in Lagos.

He said the system will be ready before the end of the year and that it will be used to trace every fraudulent transaction to the end until the perpetrator is caught and prosecuted.