By Alex C
The value of interbank transfers has risen from N51 billion monthly in January 2012 to over N1.5 trillion as at June 2014, according to data captured through the Nigerian Inter- Bank Settlement System(NIBSS).
While this rise in interbank transfer has been aided by the cashless policy of the Central Bank of Nigeria (CBN), NIBSS transfers rose in volume from 87,000 transactions a month in January 2012 to 3.1 million transactions a month as at June 2014.
Latest figures from CBN reveal that the volume of Point of Sale (PoS) transactions increased astronomically from less than 2000 monthly as at January 2012 to 1.6 million monthly in June 2014 while transactions in value moved up from N38 million monthly in 2012 to N24 billion monthly.
Licensed payment terminal service providers licensed to increase PoS terminal penetration rose from 5 to 10 with over 150,000 PoS terminals across the country as at last month. The CBN said its target is to increase the PoS terminals to at least 350,000 by 2015.
The Apex bank has said that mobile money transactions value went up to N819 million monthly while 22 licensed mobile money operators have already secured licences. Nigeria’s payment system has since seen a rapid transformation on the back of a cashless policy introduced by the CBN in 2012.
The CBN’s cashless policy went nationwide on July 1, 2014, after a successful implementation, first of all in Lagos State in the first phase, then, in the five states of Abia, Anambra, Kano, Ogun, Rivers and Federal Capital Territory (FCT) in the second phase.
The CBN said so far there has been a significant increase in volume and amount of electronic payment and that extra measures have been taken to enhance connectivity and forestall fraud.