Senate: Bill for management of e-payment passes second reading

The bill for an Act to provide a holistic supervision of payment through e-platforms has scaled through Second Reading in the Senate on Tuesday.

In the lead debate, Senator John Owan Enoh, PDP, Cross River Central Senatorial District explained that the purpose of the bill was to provide legal framework for effective and efficient electronic payment platforms in a manner that is in accordance with global best practices.

Enoh stated: “This bill is an Act to provide for Management, administration, operation, regulation and Supervision of payment, clearing and settlement systems in the Federal Republic of Nigeria and to provide for other related matters.”

He explained that it was an attempt to institutionalize payment which was propelled by huge data produced by Google that about 2 billion people made payment electronically across the globe on daily basis, while 1 billion uses YouTube, and that 5 million people tweets.

Adding that the world has become ICT driven and as such Nigeria cannot be left behind.

He reminded that government was already set to leverage on e-payment platforms for efficiency and to deal with incessant cases of money laundering.

The bill was presented for first reading by Senator John Owan Enoh on May 4th 2016.

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