Designing a Reliable E-payment System: Nigeria a Case Study

Abstract

The Nigerian economy is largely cash-based with a lot of money residing outside the banking system. To a greater extent, this has hindered the participation of her citizens in e-commerce where e-payment is the acceptable means of settling transactions. This paper reviews the e-readiness of Nigeria as a country; the available payment methods; the motivation and opportunity for e-commerce; and the challenges motivating its wider applications. We propose: a legal framework among the stakeholders and government to guide the operations of the scheme; a public-private-partnership (PPP) initiative to manage the entire system with a view to guaranteeing security, confidence and effective control; and a robust e-payment architecture

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