POS Transactions Increase to N24 Billion Monthly – CBN

ABUJA (NAN) ― The Central Bank of Nigeria (CBN) said Point of Sales (POS) transactions value had increased from N38 million per month in 2012 to N24 billion monthly in June, 2014

This is contained in a report on e-payment transactions released by the apex bank in Abuja on Monday.

According to the report, mobile money transaction values up to N819 million monthly.

“The POS transaction increased in volume from less than 2000 in January 2012 to 1.6 million per month as at June 2014.

“Over 150,000 POS terminal is presently across the country and 22 mobile money operators has been licensed,’’ it added.

It added that licensed Payment Terminal Service providers increased from five to 10 to increase POS terminal penetration across the country.

It noted that Nigeria Inter Bank Settlement System (NIBSS) instant Transfer had increased in volume from 87,000 transactions a month in January 2012 to 3.1 million transactions a month as at June 2014.

The report added that NIBSS instant transfer had increased in value from N51 billion monthly from January 2012 to over N1.5 trillion monthly as at June 2014.

Commenting on progress made so far with cashless policy since inception, it said that implementation of the first and second phase in Lagos and six other states was successful.

It added that tremendous progress had been made in the use of tokenisation and encryption for electronic transactions, adding that security measures in cards was also enhanced.

It said that the apex bank would continue monitoring and reviewing of the cashless policy and would implement connectivity agreement with NIGCOMSAT.

The report added that effort would also be made to conduct appraisal of the cashless policy implementation and implement incentives schemes for alternative payment channel usage.

The report noted that the efforts were in place to ensure implementation of proposed internet hot spots in the 774 local governments before the end of the year.