Cashless Policy: Value of Mobile Money Transactions Rises to N40bn Monthly

Cashless . Cashless Policy

With the growing adoption of the cashless policy and increased patronage of mobile money in Nigeria, the Central bank of Nigeria (CBN) has put the value of transactions recorded through mobile money platform at N40 billion monthly . . .

The Chairman of the Nigeria Interbank Settlement System Plc (NIBSS), Alhaji Sulaiman Barau, who is also the Deputy Governor (Operations Directorate), CBN, disclosed this at the electronic payment efficiency awards held in Lagos over the weekend.

Barau, said the cashless policy has seen a tremendous growth since its inception. As a result of this, banks and institutions who contributed to the growth were rewarded.

CBN

Photo: Central Bank of Nigeria (CBN) Head Office, Abuja, Nigeria

He said: “It is on record that with the implementation of EPIS, the usage of alternative channels has increased tremendously thereby impacting on the lives of Nigerians including funds transfers ease, reducing cash related crimes, safety of lives and so on. The mobile money scheme has also recorded tremendous growth monthly transaction value of over N40 billion.”

“The number of POS terminals registered and deployed at the inception of the cashless policy in 2012 was about 5000 POS terminals. However, as at February 2016, the total number registered and deployed stands at 138,990 and at two weeks ago it was 132,000 showing that it is growing.”

MBR

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Cashless Policy: Value of Mobile Money Transactions Rises to N40bn Monthly