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