News Column

Committee Reports Massive Uptake of E-Payments

February 13, 2014

Henry Ifeanyi

THE country's daily average electronic payment transaction has grown to more than N190 billion, according to the Nigerian Bankers Committee.

The committee, which comprises of all bank heads and Central Banks of Nigeria (CBN) representatives, gave the figure at the end of its quarterly meeting in Lagos where it said the statistic highlighted the success of the country's cashless policy initiative.

Executives from CBN and several bank officials attended the meeting.

Briefing journalist after the meeting, CBN representative on the committee, Chidi Umeano, said that the average daily transaction on electronic payment platforms had continuously recorded a steady improvement.

Revealing the current transaction status, Umeano, who is the head of shared services at CBN, said that the value of transactions carried out using Nigerian Electronic Fund Transfer, NEFT was N153 billion, Instant Payment at N37 billion, POS terminal was N50 million, Mobile Money stood at N12million.

The total overall transaction according to Umeano current stands at N190, 62 billion.

Umeano noted that the statistics showed that there had been a shift from the traditional cash carrying system to electronic forms of payment.

Based on the figures, Umeano said that the committee had resolved to extend the cashless policy to other parts of the country by June 30.

The cashless policy is currently operational in few states in the country.

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Source: AllAfrica

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