MasterCard Creates Platform for ePayment Excellence

A series of intensive workshops hosted by MasterCard, global electronic payments company, has ignited excitement as  Nigerian banks, merchants and other payments industry stakeholders which attended the meetings expressed renewed enthusiasm for the country’s planned move towards a cashless society.

The workshops, held over five days in the city of Lagos, were attended by more than 200 merchants and payments industry stakeholders from the hospitality, retail, healthcare and travel sectors, as well as churches.

The training focused on card acceptance best practices, with an emphasis on card security, fraud identification and management, signage at points of sale and cardholder support, giving delegates the knowledge to understand the benefits of electronic payments. Attendants of the workshops received a certificate of completion by MasterCard.

“MasterCard envisions a world beyond cash, a goal that mirrors the Cashless Policy conceptualized by the Central Bank of Nigeria (CBN)”  said  Omokehinde Ojomuyide, country manager, West Africa, MasterCard Worldwide.

“We support this policy that aims to modernise the country’s payment systems. One of the key elements is reducing the costs of banking services and the cost of cash, as well as growing financial inclusion by providing more efficient transaction options and greater reach.”

She went on to explain, “It also aims to curb the high cost of using and accepting cash as a payment method, and prevent corruption leakage, money, laundering and other fraudulent activities that cash can enable.”

“Cash cannot be traced or monitored. Preliminary estimates of global cash usage suggest that $8.3 trillion of consumer purchases annually are made outside the formal economy using cash. This includes an estimated $6.8 trillion of underground economy purchases and approximately $1.5 trillion in illegal purchases. On the other hand, electronic payments, by its very nature, create a clear and concise record of payments made.”

Ojomuyide pointed out that, “This is of benefit not only in crime prevention, but also to businesses, which will benefit from formal insights into the financial activities of their company and the ability to closely monitor income and expenditure by persons authorised to transact on their behalf.”

“More Nigerian businesses are accepting MasterCard payment cards than ever before, and we acknowledge the support of the country’s financial institutions who have committed to educating their customers about the security and convenience of accepting cashless payments,” said Ojomuyide.

“MasterCard will continue to create an environment for these discussions with financial institutions and merchants at our regular training workshops.”

Insights and key topics from the workshop include: the appeal of fast, secure payments that eliminate queuing in theretail sector, while protecting merchants from fraudsters and the dangers
of transporting each day’s cash takings.

The importance of brand displays as a competitive advantage for merchants who accept electronic payments, underpinned by the need for merchants to identify themselves as bona fide by an established financial institution.

The benefits ofchip cards, including greater protection from fraud, and a consistent payment experience with both credit and debit cards.
        
KamilOlufowobi, director, Acceptance Development, West Africa, MasterCard Worldwide noted, “Particular attention was spent on discussing card acceptance best practices, which could be applied to various businesses.” 

He went on to add, “MasterCard highlighted the need for continuous staff training to ensure that businesses are equipped to avoid becoming victims of fraud.”

“These workshops were the latest in a series that MasterCard hosted, honouring its commitment to assist in growing the electronic payments industry in Nigeria. We receive numerous requests by businesses to host more workshops, indicating growing support for the Central Bank of Nigeria’s Cashless Policy from the country’s business sector,” Ojomuyide concluded.