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.


Electronic transfers soar in Nigeria

14 May 2013, 12:37

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

Tags cbn

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...