Nigeria Averages N1.5bn In POS Transactions Daily – CBN

Source: thewillnigeria.com

The Central Bank of Nigeria (CBN) has said that Nigeria averages about N1.5 billion worth of transactions on the Point Of Sales (POS) terminal daily.

Mr. Dipo Fatokun, the Director, Banking and Payment System Department (BPSD), CBN, said this in Abuja on Wednesday at the apex bank's e-Payment Incentive Scheme (EPIS) cash reward presentation.

The incentive scheme is to reward users of electronic payment platforms in Nigeria and to further encourage greater patronage of government's cashless policy by members of the public.

The scheme is also aimed at promoting financial inclusion.

Fatokun said that the use of POS terminals had increased from 5,000 in 2011 prior to the inauguration of the cashless policy, to about 120, 000 desktop terminals in 2015.

He, however, said that the ratio was negligible compared to the population of Nigeria.

Fatokun said that CBN was on the verge of introducing the Mobile POS terminal that would thrive on network connectivity and make transactions easier for both cardholders and merchants.

He also said that discussions were on with telecommunication service providers to ensure better connectivity for the electronic payment systems.

Mr. Ade Shonubi, the CEO of Nigeria Inter-Bank Settlement System (NIBSS), said that the reward scheme was introduced to encourage people to use their cards at places other than the Automated Teller Machines (ATMs).

According to him, MPOS is a device that can be connected to a Smartphone and used on an existing network.

Second runner up of the EPIS, Mr. Solomon Jephtah, a medical student, expressed gratitude for the cash award but said that he almost missed it because he initially thought it was fraudulent exercise.

He advised other cardholders to use the POS, as it was a better way to make transactions.

The News Agency of Nigeria (NAN) reports that the raffle draw is divided into three winning categories monthly with the cash prizes as follows: Grand Prize Winner -N100, 000, 1st Runner Up -N50, 000 and 2nd Runner Up – N35, 000.

NAN.