Financial experts have urged the Central Bank of Nigeria (CBN) to improve its payment system to enhance the speed of settlement transactions.

They spoke during a panel discussion on ‘Fostering Confidence in the Integrity and Soundness of the Nigerian Financial System’ at the ongoing seminar for finance correspondents and business editors on Wednesday in Calabar.

Failed transactions come in different forms transfers to other accounts or paying bills and buying airtime.

Uche Uwaleke, a professor of finance and capital market at the Nasarawa State University, Keffi, said that one of the ways CBN could engender confidence in the financial system was to develop an efficient payment system.

According to him, one of the goals of the payment system is to reduce costs, minimise risks, among others.

Mr Uwaleke said, “To this end, I want to submit that to enhance the confidence in the financial system, we need a reliable (we need resilience), and we need a safe payment system.”

Chijioke Ekechukwu, another expert, urged the CBN to come up with an electronic system that would allow bank customers to lay complaints regarding failed transactions.

“We don’t have to physically go to the bank to lay complaints; there must be a system that will have to do that electronically for the bank to know that we have this problem,” stated Mr Ekechukwu. “If we have to go physically, it defeats the real aim of making electronic payments. These payments can be made from outside the country, and I don’t need to come back to make a complaint that will last two weeks.”

Mr Ekechukwu added, “So if we’re able to solve this particular one, there will be restoration of confidence in the system.”

Eme Eleonu, a web developer, called on the media to assist in sensitising the public on the gains of using the central bank’s digital currency, the e-naira.

“We have enumerated all the gains and risks associated with the eNaira. I want to believe that we have resolved this and want to move forward to see how we promote this,” Mr Eleonu explained.

(NAN)