payments

Real Reason We Digitalised Cash Transfer Payments – FG

August 13, 2022 2:44 am

The Federal Government of Nigeria has explained that the introduction of digitalised cash transfer payment in the country was put in place to help in addressing some lapses encountered while operating the analog payment system.

Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, gave this explanation while speaking at the official flag-off of the grant for several vulnerable groups as well as the digitised payment for conditional cash transfer which was held in Dutse, Jigawa State on Friday.

She asserted that part of the issues faced by the program is the use of an analog …

CBN: Electronic Payments Hit ₦424tn In Nine Months

December 11, 2019 4:35 am

The Central Bank of Nigeria (CBN)’s cashless policy has received a boost as the total value of transactions through various electronic payment (e-payment) channels stood at a total of ₦424.371 trillion in the first nine months of 2019.

This represented 83.5 per cent increase compared with the total of N231.247 trillion recorded at the end of June 2019.
The figures were contained in the latest industry e-payment data as at the end of September obtained from the CBN.

The data also showed that while the combined value of Automated Clearing House System/NAPS/PMS stood at N17.966 trillion as at September, …

2019 Budget: House Directs NDDC to Suspend All Payments

November 20, 2019 3:30 am

The House of Representatives has directed the Niger Delta Development Commission (NDDC) to suspend all payments with immediate effect, except for personnel cost for allegedly operating the 2019 fiscal year without a budget approved by the National Assembly.

The directive followed the adoption of a motion on the urgent need to investigate the failure and refusal of NDDC to submit its budget estimates for 2019 to the National Assembly for approval brought by Hon. Benjamin Kalu.

The House also summoned the Minister of Niger Delta Affairs, Senator Godswill Akpabio to explain to the House why the commission has been spending …