Electronic Payment Systems and The N10 Million Cheque Limit Policy In Nigeria: Benefit and Challenges
The Nigerian banking system entered a new phase on January 1 2010, based on the Central Bank of Nigeria’s directive that any payment exceeding N10 million should be routed through specified e-payment platforms. Like every new policy, there are skepticisms about its workability. Banks have therefore taken the responsibility to enlighten their customers about the policy to achieve a seamless result. The paper highlights key-points in this policy. It also examines in detail how the new policy will be implemented. The paper goes on to explore and highlight the benefits and challenges facing the new payment system and concludes by positing that the new payment system has so far streamlined the operations of both customers and Banks in Nigeria.