Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN makes inroads into mobile transactions

25 June 2013, 11:02

Lagos - The Central Bank of Nigeria (CBN) says a total of N64 billion (US$384 million) has been transferred through mobile banking platforms over the past year, signalling initial success of initiatives to transform the sector into a cashless industry.

Revealing the statistics, CBN Deputy Governor: Operations, Tunde Lemo, said 60 per cent of transactions were conducted in the past three months.

He said the transfers done through mobile phones helped to promote “financial inclusion and by extension, made Nigeria a cashless one.”

Addressing participants at the beginning of a Cashless Conference in Lagos, Lemo said a total of 170 000 point-of-sale (POS) terminals had been deployed by banks to merchant locations as of early June.

More than 10 000 automated teller machines with the capability to enable bill payments, funds transfer, virtual top-ups, among others have been deployed in and outside banks across the country.

Lemo said more merchants were signing up to offer services on their portals and accept web payments.

"Airlines, hotels, telecommunication companies, government institutions, among others, are making concrete and concerted efforts in this direction.

"The use of electronic shopping malls is gaining traction in Nigeria. This is highly commendable and must be supported,” said Lemo.

CNB promotes the use of cards and mobile phone transactions to transform the country's banking sector.

- CAJ News


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...