Lagos- Nigeria's total value of electronic funds transfer has risen $268 million to N80 billion ($500m) per day.
Central Bank of Nigeria said this showed the growing acceptance of the country's cashless policy.
Deputy Governor of Operations at the central bank, Tunde Lemo, explained that the Nigeria Interbank Settlement System (NIBSS) recorded over N20 billion ($125m) daily transaction by value, while the Nigeria Electronic Funds Transfer (NEFT) conducts about N60 billion ($375m) transactions daily.
Lemo noted that both the value and volumes of cash transactions executed through the NIBSS and the NEFT have doubled when compared to the use of cheques.
NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in Nigeria.
It is owned equally by all licensed banks in Nigeria, and the CBN.
Discount houses operating in Nigeria also hold substantial shares.
A NEFT payment is an irrevocable fund transfer instruction.
“One has to recall that we started this programme actually in January last year and we are only just continuing.
"We are only just moving to phase two, so we have learnt all the ropes in phase one in cash-less Lagos and we believe we are ready to roll out to other six locations in Nigeria,” said Lemo.
“We are actually working in collaboration with the Bankers’ Committee. We have a subcommittee headed by the MD/CEO of UBA, who is the cash-less champion among the bank CEOs and together with the other institution like the Nigeria Interbank Settlement System (NIBSS) and others, we are working very hard to ensure that we dot all the I’s and cross all the T’s," Lemo said.
He said Nigeria already has its road map arguing that the central bank would not shift the implementation date of the phase Two.
The latest development will be implemented in July.
- CAJ News