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‘Electronic transactions in Nigeria hit 80b naira daily’

The total value of daily electronic funds transfer in Nigeria has risen to 80 billion naira, the Central Bank of Nigeria (CBN) said, hailing the introduction of its
cash-less policy for the rise (US$1=155 naira).

The local media on Tuesday said CBN Deputy Governor, Operations, Tunde Lemo, announced the figure, explaining that the Nigeria Inter-bank Settlement System (NIBSS) recorded over 20
billion naira daily transactions, while the Nigeria Electronic Funds Transfer (NEFT) conducts about 60 billion naira transactions daily.

NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in Nigeria and is jointly owned by all the licensed banks in the country and CBN, with substantial shares held by discount houses operating in the country.

The cash-less policy started in January last year with the phase one in Lagos, the nation’s economic nerve centre.

“So, we have learnt all the ropes in phase one (Lagos) and we believe we are ready to roll out to other six locations in Nigeria (during phase two which starts 1 July 2013),” Lemo said.

Under the cash-less policy, the CBN pegged the daily cumulative cash withdrawal or deposit limit for individual accounts at 500, 000 naira per day and 3 million naira per day for corporate accounts.


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