The amount of point-of sale (POS) transactions in Nigeria rose to N24billion (US$150 million) in April, according to the Central Bank of Nigeria (CBN), with the total number of deployed POS devices rising to 153,167 from 5,000 in 2010.
CBN deputy governor for operations Dr Kingsley Moghalu announced the latest figures while at a seminar on “Cashless Nigeria: progress, issues and prospects” organized by Wilson & Weizmann Associates Limited.
Moghalu said the CBN’s cash-lite policy had recorded a huge success since its inception in January 2012, with the number of POS transactions recorded rising from 3,197 in January 2012 to over 1.6 million last month.
He called for sensitization of members of the public and enlightenment of consumers on the convenience and security of electronic channels.
“Providing financial products and services to the lower income bracket represents a large business opportunity for the financial institutions. Providers of financial products and services will develop innovative products and services that better suit the needs of the low income unbanked and under-banked population,” he said.
“Cashless banking will reduce the cost of banking by dropping cash handling costs. Fifteen fully licensed MPOs with thousands of merchants located throughout rural and urban parts of the country are contributing to the successful implementation of the cashless policy.”
