Ecobank Wins CBN/NIBSS Award For Data Integrity

Ecobank Nigeria over the weekend carted away the "Electronic Data Rendition Compliance and Integrity" Award at the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards. 

The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria. Now in its fourth edition, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year.

According to the NIBSS, the annual award puts into consideration electronic payment transactions data rendered to CBN by Banks and other licensed payments service providers as well as public voting and surveys administered to industry stakeholders for transactions within the year under review.

Commenting on the award, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that the award lends credence to the accuracy and integrity to “our electronic data and the proper rendition and compliance to the regulator’s standard. This also attests to Ecobank’s digital contributions and innovation in the Nigerian financial sector. We are using our digital strength to push financial inclusion in Nigeria. Our array of electronic products include the EcobankPay, Rapidtransfer, Omni-Lite”.

Further he reiterated that Ecobank is “excited to receive the NIBSS award for outstanding performance in Electronic Data Rendition, Compliance and Integrity. We are at the forefront of financial inclusion in Nigeria. Our digital offerings have simplified financial transaction processes and are safe, fast and reliable. There are testimonies on the efficiency of our products and we are happy that the regulators recognise our efforts". 

Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by all licensed banks including the Central Bank of Nigeria (CBN).  It possesses modern world-class infrastructures for handling inter-bank payments to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.