10 %, compared to only 3 % in 2013. at the same time, the number of ibg transactions increased by 36 % in 2014 compared to 19 % in 2013. consequently, malaysia ’ s cheque usage had fallen from 6. 6 per capita in 2013 to 5. 8 per capita in 2014. this is indeed an encouraging development. australia, the united kingdom, sweden and norway. norway, sweden, denmark and finland. bis central bankers ’ speeches to reduce the country ’ s reliance on cash usage, the bank has issued the payment card reform framework ( framework ) which took effect in stages beginning 2 january 2015. the framework aims to ensure that the cost of accepting payment cards is fair and reasonable, whilst creating an enabling environment for the wider acceptance of payment cards, especially by smaller merchants. over the next six years till 2020, together with the banking industry we plan to expand the payment card acceptance network from about 240, 000 terminals to 800, 000 terminals and further accelerate the use of debit cards. these measures, if implemented successfully, will lessen the need for cash payments. while this target seems ambitious, we can achieve this milestone with collective efforts by all. cash and cheques are still the main modes for bill payments in malaysia whilst efforts are being made to facilitate the wider acceptance of payment cards, bill payments in malaysia are still predominantly made with either cash or cheques. in malaysia, bill payments made via electronic channels 3 are still relatively low at 2. 4 transactions per capita 4 in 2014 compared to more than 10 transactions per capita 5 in countries with successful electronic bill payment platforms such as australia. malaysia has an online bill payments model where merchants need to maintain multiple banking relationships in order to receive bill payments from customers who bank with different banks. merchants, especially smes, find it difficult and costly to maintain multiple banking relationships. as a result, only about 1, 000 merchants are currently registered to accept online bill payments via the individual banks ’ proprietary bill payments system. therefore, there is still tremendous potential for greater efficiency and cost savings through the consolidation and expansion of the online bill payments market in malaysia. enhancing the efficiency, accessibility and convenience of online bill payment via jompay jompay addresses the limitations of the current bank - centric model by establishing an open electronic bill payments platform which leverages on the combined infrastructure and network of the entire banking industry. with jompay, merchants only need to maintain a banking relationship with one bank, in order to receive bill payments

louder than words. the starting point does not require focus on highend islamic financial products such as sukuk and fund management. instead, start where it matters most. embark on initiatives that could assist the low and middle income groups. devise a scheme that could provide alternative for source of funds for the small and medium enterprises ( smes ). start with basic banking facilities ; saving accounts, current accounts and term deposits. provide financing facilities that are simple and easy to understand such as microfinancing and microtakaful. in africa, the retail banking market segment has an enormous potential for growth. currently, less than five percent of individuals aged 15 and above are likely to borrow from a formal financial institution in sub - saharan africa and the mena region. many adults in africa use informal methods to save and borrow. similarly, a majority of smes in africa are unbanked and access to finance is a major obstacle. only 20 percent of african smes have a line of credit from a financial institution. this gap provides abundant opportunities for those who are willing to tap into very promising african financial market by providing shariah - compliant financing facilities to the retail and sme clientele. islamic microfinance facilities can also enhance financial inclusion in africa. the role of government and the central bank. the government has an important role to play. any new industry requires harnessing and nurturing. government ’ s commitment is key but commitment must commensurate with substantive action. for new entrants to the islamic financial industry, sovereign sukuk issuance by government would be a bold and strategic move. naturally, the private sector will follow suit as there is already readily available pricing benchmark. in the first quarter of this year, 81 percent of the usd31 billion new issuances in the global primary sukuk market were by sovereign and quasi - sovereign issuers. several more debut sovereign issuances are in the pipeline including issuances from united kingdom, luxembourg, hong kong and countries in africa, namely south africa, tunisia, mauritania, senegal and oman. our own experience in 2003 showed that the private sector would start issuing their own sukuk once the government had shown the lead. the act of government issuing its own sovereign sukuk is the single most important initiative to prove its commitment to islamic finance. start with local currencies and follow up with non - domestic currencies when the timing becomes suitable. in malaysia, both the