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Cashless Nigeria: PoS transactions value rises by N38.9b in 4 years


As the Central Bank of Nigeria (CBN) continued in ensuring further adoption of alternative payment channels, fact has emerged that Point of Sales (PoS) transactions value has risen from a total of N39 million in January, 2012 to N46 billion in February, 2016, which is equivalent to an increase of N38.9billion in 4 years.

The apex lender, made this disclosure at a one-day interactive enlightenment session with stakeholders, held recently in Lagos, with a focus on the cashless policy, which was said to have transformed both commercial and retail payments in increasing the use of electronic (alternative to cash) channels.

In his presentation, Assistant Director, Banking and Payment System Department, CBN, Mr. Agboola Olusola, noted that similarly, Mobile Money Operators’ transactions increased from N31 billion in 2012 to N1.1 trillion in April,2016 with 107,571 agents and 29.9million customers.

CBN further revealed that the number of citizens captured is 5 million while a total of Bank Verification Numbers linked to accounts as at May 31, 2016 stood at 34,765,546.

The apex bank said it has so far conducted nation-wide cashless sensitization campaign; successfully implemented  cashless policy in Lagos, Abia, Anambra, Kano, Ogun, Rivers and FCT; licensed 21 Mobile Money Operators and 6 Payment Terminal Service Providers (PTSPs) among others.

Agboola, however, hinted that CBN effected refunds of N26.998billion to bank customers, while its Consumer Protection unit received and treated over 8,000 complaints and was able to resolve over 6,000 of them.

On job losses, the Ag. Corporate Communications CBN, Isaac Okoroafor said it was not about one industry.

He pointed out that it was about what the labour law says and about the country’s industrial policy, but remains optimistic that the ministry of labour and the banks would arrive at a reasonable conclusion in their soon-to-be-held meeting.

Okoroafor noted that interactive session is a way of sensitizing stakeholders about the recent policy measures taken by the apex regulator

For instance, the Financial Literacy Framework adopted in 2013 was reviewed in 2015 and that it adopts a CBN-led multi-stakeholder approach to the delivery of financial education programmes to drive financial inclusion and to promote sustainable economic growth and development.

Also responding, the General Secretary of National Union of Textile Garments and Tailoring Workers of Nigeria (NUTGTW), Comrade Issa Aremu, said the interactive session has been quite useful.

According to him, the CBN under Godwin Emefiele has done what labour asked for by insisting that as an import dependent country, Nigeria will not benefit anything from Naira devaluation.

“We are happy the CBN has kept to that because any devaluation will have negative impact on workers’ salary,” Aremu said.

Consequently, the CBN explained that Nigeria Interbank Payment (NIP) is the first and only point to point funds transfer service that guarantees instant value to the beneficiary.

However, this is known to be powered by the Nigeria Interbank Settlement System (NIBSS), the Instant Transfer is a service  majorly offered through bank’s internet banking, mobile and bank branch platforms for corporate and individuals as well as through the banks’ branch network. It is an on-line real-time bank account numbers based Inter-bank credit transfer.


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