The Central Bank of Nigeria says it has approved an industry-wide incentive scheme and awareness campaign on electronic payment channels for stakeholders and users.

As a result, the CBN is collaborating with Deposit Money Banks through the Nigeria Inter-Bank Settlement System Plc to work out a system that will make banks to pay customers, merchants and salespersons for using electronic payment channels. Some analysts see this as a gradual paradigm shift from the CBN’s punitive approach in driving the cashless policy to an incentive-based one.

The Electronic Payments Incentives Scheme will make bank customers, merchants and salespersons receive cash and gift rewards for using electronic payment channels. The scheme will commence in batches, starting from November 1, 2014. The central bank said the move was in furtherance of the drive for pervasive usage of e-payment channels in the country. It said in a circular posted on its website that the scheme would appreciate and reward usage across all channels with emphasis on channels of e-payment that promote financial inclusion.

The circular, signed by the Director of Banking and Payment System, CBN, Mr. Dipo Fatokun, read in part, “The scheme has identified and will reward consumers, merchants and sales persons. The incentive is designed as a ‘white-label’ campaign in which all stakeholders are required to partner.” According to the circular, the scheme will lead to a point-based reward system for consumers in which Automated Teller Machine cardholders will be rewarded based on point grossed through frequency of card usage.

The central bank said NIBSS would implement the programme in conjunction with other service providers. It noted that the scheme would also involve cash refund to customers; a system that was already being implemented by all the banks. It added, “Merchants may leverage on the incentive scheme to offer promotional gift items to their customers based on the usage of e-payments for transactions. Salespersons will be encouraged to support e-payments by having them enrolled on the tipping point schemes, through which they will earn points accrued over a period. Such points may be redeemed by salespersons through various gift items or cash.”

http://www.cebih.org/banks-to-pay-customers-for-using-e-payment-channels/

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I guess thats a way of buying gifts for us with our 65naira...nice one cbn.

I dey come.

Nice initiative! This will really encourage the use of e-payment channels. Guaranty trust bank is already doing this. The bank credits your account when you use Point of sales machines.