Example of a successful policy that Yaounde can learn from: Central Bank of Ngeria (CBN) to roll out cashless policy nationwide Q2 2014: Now records 600 million and 1 billion transactions on a daily basis while less than 100,000 transactions were recorde

 

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CBN to roll out cashless policy nationwide Q2 2014

November 22, 2013 | Filed under: Banking | Author: HOPE MOSES-ASHIKE

The Central Bank of Nigeria (CBN) has said that it will roll out cashless policy project across the country before the end of the second quarter (Q2) of 2014.
This is following the tremendous success recorded in the pilot state, Lagos, and few other states. Specifically, Nigeria today records between 600 million and 1 billion transactions on a daily basis while less than 100,000 transactions were recorded on a monthly basis previously.
Presently, there are over 150,000 PoS machines in the country compared to about 10,000 in operation two years ago.
"It has gone up tremendously and that is just Lagos and one or two other locations, by the time we roll out across the country next year, we are going to see a much more transformed payment system. We are going to do a lot more volume on the electronic payment system and that is what is good for Nigeria", Tunde Lemo, deputy governor of CBN, operations, said.
He disclosed this in Lagos at the 20th anniversary of Nigerian Inter Bank Settlement System (NIBSS) with the theme, 'The Evolution to the Future Cashless Nigeria: Positioning the Nigerian Payment and Settlement Ecosystem for a Cashless Reality'.
Lemo noted that the CBN has not done badly in the last three years, adding that there is still a lot of ground to cover. "We have made significant progress in the area of infrastructure provision particularly led by the cashless programme of the CBN. We believe that if we continue to do this, we will make the payment system of the economy a bit more efficient", he said.