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PoS-terminals — PoS Terminals. Image Credit: The Punch.

The Deputy Governor (Operations) of the Central Bank of Nigeria, CBN, Tunde Lemo, during a speech at a conference in Lagos – themed, Transiting to a Cashless Society: Charting the Way Forward – revealed that cashless banking transactions in Nigeria is growing, especially in the last year. He was represented at the event by Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, who said, “As we roll out to more states, the banks shall be acquiring more merchants and deploying POS terminals to those locations. There are over 10,000 ATMs that have been deployed in and outside of the bank branches and these ATMs have the capability to enable bills payment, funds Transfer, virtual top-up etc.” “More merchants are being signed up to offer services on their portals and accept web payments. Airlines, hotels, telecommunication companies, government bills etc. are making concrete and concerted efforts in this direction. You will agree with me that the use of the electronic shopping malls is fast gaining traction in Nigeria. This is highly commendable and must be strongly supported.” “The CBN has licensed about 18 mobile payment operators to offer payment services via the mobile phone that over 100 million Nigerian are carrying. This will also help promote financial inclusion and by extension, make the nation a cashless one.” “Banks have also enhanced their internet banking capabilities with a view to offering more robust, efficient and effective services for their customers in order to make instant payments within the context of P2P, P2B and B2B payments space.” “We reckon that inadequate infrastructure, consumer education and even consumer protection can pose serious challenges to the quick adoption of the payment options. Consequently, the CBN is working with all the stakeholders to ensure that these challenges are surmounted quickly as we encounter them.”