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CONSUMERS AND E-PAYMENT PLATFORMS

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CONSUMERS AND E-PAYMENT PLATFORMS

Consumers are becoming dynamic and sophisticated. They are loyal to brands that meet their needs. Consumers want any brands that align with their aspirations and lifestyle. This is one major reason consumers opt for services or products that offer them ease, convenience and comfort.
The consumer culture is rapidly changing globally and this explains why brands identify key gaps in the lives of consumers and bridge such. Consumers are also adapting to changes and embracing the realities in the marketplace.
In a bid to engage consumers and ensure that they embrace e-payment platforms, the Nigerian Interbank Settlement Scheme (NIBSS) in conjunction with banks commenced an awareness campaign to enlighten Nigerians on the benefits of e-payment platforms. The essence of the campaign is to set an agenda to ensure that Nigerians embrace e-payment platforms for all their business transactions. This is one area where consumers need to adopt a new lifestyle by using e payment options as against paying cash for such transactions.
Consumers across the globe prefer to transact business with convenience and safety. They chose the most preferred options that eliminate bottlenecks while making purchase. It is also this globally accepted procedure that is being championed to make Nigerians see the benefit through adoption and usage of e-payment platforms. A unique selling proposition of the e -payment platform is convenience. This is intended to fit into the lifestyle of consumers as they demand for POS and instant payment platforms when shopping for their preferred brands or patronizing a service.
Though Nigerians have been used for the carrying cash, the campaign is to sensitize consumers to adopt measures the will guarantee their safety and convenience. The e-payment platforms point of sales (POS) and instant payment platforms have benefits of convenience; safety and receipt of instant value to enable people make payments for their transactions using any of their devices such as ATM cards, mobile phones, laptops, desktop, notebooks, i-pads among others.
With the digital age and mobile communications consumers do not have choice than to embrace such e-payment platforms. These platforms are forms of service that are also highly convenient, safe and efficient and with improved infrastructure. The improved efficiency of the e-payment platforms enhances greater penetration and accessibility to financial services. this is one significant advantage that is being leveraged for the e-payment options.
For NIBSS to commence a campaign on the e-payment options is a welcome development. It is a veritable avenue to re-orientate Nigerians to embrace a new payment culture.
The campaign will definitely communicate the language of Nigerians for paradigm shift. It is one that will remould the perception of the Nigerian consumers.
The importance of consumer engagement cannot be ruled out as insights should be generated to drive the campaign process. Insights need to be generated through from consumers to gauge their perception about e payment platforms and how such platforms can work for the consumers. This will serve as a feedback mechanism for consumers to evaluate the options and proffer solutions to address any challenge.
The one-on-one contact marketing approach is also a potent strategy to touch base with Nigerian consumers. This will offer useful hints and information from consumers that will ensure the success of the campaign.
It is expected that consumers will make e-payment options a lifestyle as they are constantly on the go. The reward scheme put in place in terms of incentives and discounts are integral parts of the consumer centric campaign. This is to further sustain the interest of consumers in using e-payment platforms for their business transactions.

By: Ayodeji Mayokun Ayopo

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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