The value of Point of Sale (PoS) transactions has increased from N38 million a month in January 2012 to N27 billion monthly as at September 2014, the Central Bank of Nigeria (CBN) has said.
This implies an increase of about 70,952 percent within a period of two years.
PoS terminals, according to Suleiman Barau, deputy governor, operations, CBN, are now card neutral with better connectivity with fail over sim cards and T+1 settlement.
Barau, who was represented by Chidi Umeano, head, shared services, CBN, at a two-day conference on ‘Nigeria Transiting to a Cashless Society: Mapping the Nationwide Agenda’, organised by the apex bank and ReachConsult said this in Lagos.
Stakeholders at the conference, including Christabel Onyekwere, executive director, Nigeria Inter-Bank Settlement System (NIBSS); Babatunde Okeniyi, executive director, sales and marketing, Unified Payment; Tunde Kuponiyi, chairman, Committee of E-Banking Heads, and Gbenga Adebayo, chairman, Association of Licensed Telecommunication Operators of Nigeria, agreed that strong internal audit and risk management system are key to a robust payment infrastructure for electronic and mobile payments in the country.
“While encouraging customers to migrate to electronic platforms, the banking sector has improved and increased the available electronic payment channels”, says Barau.