The value of transactions made through Point of Sale (POS) terminals increased by 70,925 per cent from an average of N38 million per month in January 2012 to N27 billion monthly as at September 2014.
Deputy governor of the Central Bank of Nigeria (CBN), operations, Suleiman Barau, said the increase in value of transactions was due to better connectivity and the time of settlement which has reduced to T+1 (a day after transaction date).
Speaking at a two-day conference on ‘Nigeria Transiting To A Cashless-Less Society: Mapping The Nationwide Agenda,’ organised by the CBN and ReachConsult in Lagos, Barau, who was represented by Chidi Umeano, head, shared services, CBN, further encouraged Nigerians to make more use of the e-Payment platforms.
Noting that the CBN has licensed 23 mobile money operators as part of efforts towards achieving the financial inclusion of the unbanked population in Nigeria.
“While encouraging customers to migrate to electronic platforms, the banking sector has improved and increased the available electronic payment channels,” he said.
There are currently over 100 million active lines in Nigeria which reaches the farthest ends of the nation.
However, in spite of the success recorded, cashless policy nationwide has not been without challenges. Such challenges include lack of understanding of the policy, prevailing cash culture in the country, techno-phobia, illiteracy and infrastructure lag among others.
The CBN said in collaboration with the banking, it was working hard to resolve those challenges. Such measures include an memorandum of understanding (MoU) with the Nigeria Communications Satellite Company (NIGCOMSAT) and Nigerian Interbank Settlement System (NIBSS) to provide Wi-Fi connectivity for PoS terminals across the country as well as engaging public in face-to-face programmes like grassroots sensitisation sessions and stakeholder engagement sessions.