CBN Approves Reward Scheme For Electronic Payment Users

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In furtherance of the drive for Nigerians to widely embrace the usage of electronic payment system as a preferred means of payment for financial transaction, the Central Bank of Nigeria (CBN) has approved an industry-wide E-Payment Incentive Scheme and Awareness Campaign for electronic payment users.The Incentive Scheme known as “Electronic Payment Incentive Scheme (EPIS)” is being implemented by CBN and the Nigerian Inter-Bank Settlement System Plc (NIBSS).
The Scheme is primarily focused at rewarding users of electronic payments platforms in Nigeria and to further encourage greater adoption of the on-going Cashless Initiative by all while promoting financial inclusion.
According to Funmi Momodu, the EPIS Project Manager, NIBSS, card holders are already benefiting from the CBN EPIS program through the ongoing weekly cashback credited to their accounts for payments for purchases made via POS terminals. Other components of the incentive scheme include, the reduction of Merchant Service Charge (MSC) from 1.25% to 0.75% or a maximum of N1,200 as against the initial of N2,000, and the accelerated COT exemption for electronically based transactions. The scheme also permits merchants to provide cash back services to cardholders following a purchase. This serves as an incentive for merchants to earn a fee for providing a value-added service Cash-out services to customers following a purchase of goods/services from their stores.
Momodu also noted that part of the EPIS is the Loyalty Scheme (Point Based Reward System) which is scheduled to Go-Live in the fourth quarter of 2015; this will allow cardholders earn points each time payments are made via a POS terminal. These points can be accumulated and redeemed for gift items on the CBN Loyalty Web portal.In addition, Lilian Phido, Head, Corporate Communications in NIBSS mentioned that the CBN has approved the implementation of EPIS Raffle Draw as a sensitization exercise before the launch of the Loyalty Scheme. NIBSS is set to kick start the maiden draw in August, 2015. The monthly draws are open to all domestic cards and is scheduled to commence in Lagos.

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