Electronic payment system in Nigeria processes over $500m transactions – CBN

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The Central Bank of Nigeria has put the electronic payment in the country at $500 million.

The Director of Banks and Payment Systems Department of the Central Bank of Nigeria (CBN), Mr. Dipo Fatokun, told journalists in Abuja that the Point of Sale transactions (POS) terminals were doing an average of about N1.5 billion every day (about $7.6m) and that some days you could have more than that.

“That shows that, we are really making a lot of progress on POS and others. But of course, there will always be room for improvement as we go on the cashless journey,” Fatokun said.

He disclosed that the Central Bank of Nigeria (CBN) is rolling out new initiatives to deepen electronic payments and its cashless policy.

According to him, one of the initiatives designed to break the logjam associated with Point of Sale (POS) terminals connectivity that the CBN is considering is a voice call.

“The major infrastructure in POS is connectivity and it is because of this that the mobile POS—the MPOS—is coming into the market.

“The way mobile POS works is such that, if the signal strength is not even enough or as high as what you will need for a desktop POS, if the signal strength is enough for you to make a voice call, your transactions can still go through. That is why the industry is embracing this mobile POS,” he said.

He noted that “as more of it is being deployed, you see a higher level of successful transactions”.

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