The Economic Communities of West African States (ECOWAS) says the poor design of the region’s e-payment system could hamper economies of some member states.
Mr James Gbeho, President of ECOWAS Commission, said this on Tuesday in Lagos at the 2nd Annual Payment System and Fraud Conference for West Africa 2011.
The conference was organised by E-Payment Providers Association of Nigeria (E-PPAN).
Gbeho, represented by Dr Nelson Magbagbeola, Principal Programme Officer in ECOWAS, said that the development of the regional payment system across the region would combat electronic payment fraud.
He said that the electronic payment fraud could threaten the stability of the regional money markets as well as domestic markets of the member states.
Gbeho said that the Commission was considering the safety and efficiency of the regional payment system in the implementation of the electronic payment system.
He said that audit procedures should be instituted to monitor payment activities.
“The commission is looking into identifying and understanding how risks of various types may arise or be transmitted within the system and to determine where they are borne.
“Once these risks are properly analysed and assessed, appropriate and effective mechanisms would be built into the system to monitor, manage and control them.
“Safety and efficiency are not the only policy concerns for the payment system design and operation in our region.
“Other objectives, such as crime prevention, competition policy and consumer protection, can play a role in the design of systemically important payment systems,” he said.
The theme of the conference is: “The Emerging Trends in Payment System and Fraud Prevention Strategies”.