1 / 12

International Payments Conference Abuja 2013 PSV Initiatives – Breakout Session Bill Payment and Direct Debit

International Payments Conference Abuja 2013 PSV Initiatives – Breakout Session Bill Payment and Direct Debit. AGENDA Background to Initiative Stakeholders Synergy with FSS2020 Synergy with Other Initiatives Current Status Next Steps Q & A and Discussions. Background to the Initiative.

ledell
Download Presentation

International Payments Conference Abuja 2013 PSV Initiatives – Breakout Session Bill Payment and Direct Debit

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. International Payments Conference Abuja 2013 PSV Initiatives – Breakout Session Bill Payment and Direct Debit

  2. AGENDA • Background to Initiative • Stakeholders • Synergy with FSS2020 • Synergy with Other Initiatives • Current Status • Next Steps • Q & A and Discussions

  3. Background to the Initiative Summary of the proposed Initiative • To drive to conclusion the current initiative for Bill Payment by building on the significant improvements to Direct Debit programs by increasing usage of Bill Payment programs across key industry segments - Insurance, Pensions, Telecommunications, Cable TV and Utilities. • To encourage the development and deployment of technology to automate the process of bill presentment / payment and thus streamline the bill payment process in Nigeria. Rationale • The current initiative has been successful in implementing a more robust offering for direct debits. • Regulatory framework has been established for all stakeholders • It is important to realise the commercial success by a program of deployment of bill payment solutions and public awareness of direct debit as a payment method.

  4. Background to the Initiative Objectives • Resolve mandate activation issues with banks. • Resolve issues related to banks insisting on confirming each debit request received. • Eliminate delays in upload/update of mandates by banks • Grow usage through aggressive sensitization and publicity of benefits of automation of bill payment processes. • Encourage billers to institute incentives to drive adoption of DD. • Ultimately leverage the developments under the various financial inclusion initiatives for adoption of this means of payment by the hitherto unbanked for settlement of bills.

  5. Stakeholders

  6. Synergy With FSS2020 The synergy between this initiative and FSS2020 is viewed from two perspectives. Overall Work Streams: Identified FSS Work Streams are Financial markets, Insurance, Mortgages and Credit(Micro/SME).

  7. Synergy With FSS2020 2. Identifies very clearly with the 3(three) common themes of the FSS2020. Improved adoption of DD will promote payment system efficiency and credit culture in the system. Billers will experience improved cash flow management due to greater predictability.

  8. Synergy With Other Initiatives 3. Direct debit aligns with other initiatives being promoted across the country in varying ways. See table below.

  9. Current Status Sensitization and awareness effort has kick-started following implementation of action steps agreed by the Work Group: 1. Direct engagement with identified Industry Segments to drive adoption of Direct debit for collection of subscriptions. The following segments were identified for this purpose: • Professional Organizations • Cooperative societies • Insurance Companies • Telecommunication companies • Pensions • Mortgage Institutions • Clubs and Associations. Payment Systems Vision 2020 9

  10. CURRENT STATUS Sensitization letters have been dispatched to 25 organizations as follows: • Professional Associations 17 • Labor Unions 1 • Social Clubs 7 2. There is infrastructure available in the market for full automation of direct debit processing.

  11. NEXT STEPS • Publish the FAQ in appropriate media to reinforce the message on adoption of this channel. • Continue direct engagement effort to grow use. Hold enlightenment sessions and work with players to resolve emerging issues. • Monitor progress and celebrate success through recognition of top users of this channel. Views and suggestions on way forward are welcome

  12. Questions and Discussion Q&A

More Related