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eMoney News

eMoney solutions 'key' to advancing Nigerian economy
28 Jul 2010

eMoney solutions will play a key part in developing the Nigerian economy, it has been claimed.

Remi Babalola, minister of state for finance, claimed electronic payments offer a range of benefits to both consumers and firms, reports guardiannewsngr.com.

He told the news provider: "Given the level of our infrastructural development in this part of the world, it is important to correctly situate the role of payment system in the development of the financial services industry."

According to Mr Babalola, eMoney solutions provide users with greater freedom to pay for their taxes, fines and goods from remote locations throughout the year.

He aimed to replicate the success of electronic payments found in thriving economies such as Australia, Japan, India and the Korean Republic.

"While figures are not readily available for the situation in Nigeria, it is clear that initiatives of this nature will further enhance the e-payment in Nigeria," he added.

Furthermore, the expansion of the technology throughout the region could help reduce theft in the country.