CBN’s Cashless Policy Gaining Momentum As E-Payment Transactions Hit A Record NGN 203.35 Tn In 6 Months

It appears Nigerians are beginning to embrace electronic transactions and the Central Bank of Nigeria (CBN)’s campaign to promote widespread adoption of electronic media for financial transactions is starting to gather a head of steam.

Data put out by the CBN has it that electronic payment (e-payment) transactions facilitated by Nigerian banks between January and June 2019 totaled NGN 203.35 Tn.

The data, released over the weekend,  showed that the deals occurred through cheques, Automated Teller Machines (ATMs), Point of Sale (PoS), m-Cash, CentralPay, Remita, Nigeria Interbank Instant Payment (NIBSS) Instant Payment (NIP), mobile money, among other channels.

The numbers showed that 3.4 million transactions worth NGN 2.2 Tn occurred through cheques; 504 million transactions worth NGN 49.35 Tn through NIP;  and 424.5 million transactions worth NGN 3.23 Tn through ATMs.

Also, PoS attracted 187.6 million transactions worth NGN 1.39 Tn, while web transfers saw 47.9 million deals worth NGN 223.9 Bn. Others are mobile money which drew 104.7 million transactions worth NGN 1.9 Tn and Remita which attracted 21.6 million transactions worth NGN 9.8 Tn.

Looking at the annualised figures, the data showed that nine million cheques were issued last year compared with 10 million in the preceding year; 875 million ATMs and 295 million PoS transactions, among other data.

The CBN, Nigeria’s apex bank, shoulders the responsibility of promoting the development of efficient and effective systems for the settlement of transactions, including the development of electronic payment systems.

In recent years, the “bank of Nigerian banks” has been pushing for the full adoption of e-payment systems in Nigeria. And it sure looks like the plan is on track.

The current Governor of the CBN, Godwin Emefiele, has, time and again, reiterated that for Nigeria to actively play at the world stage, its payment system “must be successfully benchmarked against the global best practices, as in most developed nations of the world.”

There is no doubt that e-payment provides safe and efficient mechanisms for making and receiving payments with minimum risks. And the CBN aims to make it commonplace in the Nigerian society while promoting its much-talked-about cashless policy on the sidelines.

Featured Image Courtesy: UBA Tanzania