Nigeria: Bank Customers Transferred N10 Trillion in 4 Years - CBN

The Central Bank of Nigeria, CBN has said that bank customers made instant money transfers of N10 trillion in four years.

Assistant Director, Banking and Payment System Department CBN, Mr. AgboolaOlusola, disclosed this at a one-day interactive enlightenment session with stakeholders in Lagos, weekend.

He said that the total number of Bank Verification Numbers linked to accounts as at May 31, 2016, stood at 34,765,546.

Speaking on the achievements recorded under the cashless policy of the CBN, Olusola said: "Instant money transfers through Deposit Money Banks grew to N10 trillion as at February, 2016, from N307 million in the first quarter of 2012.

"Value of transactions through Point of Sales (PoS) rose to N46 billion in February, 2016 from N39 million in January, 2012, while transactions through Mobile Money increased from N31 billion in 2012 to N1.1 trillion in April, 2016 with 107,571 agents and 29.9million customers."

He said through the cashless policy, the CBN sought to transform both commercial and retail payments to increase the use of electronic (alternative to cash) channels.

He said the CBN had so far conducted a nation-wide cashless sensitization campaign; successfully implemented cashless policy in Lagos, Abia, Anambra, Kano, Ogun, Rivers and FCT; licensed 21 Mobile Money Operators and six Payment Terminal Service Providers, PTSPs, among others.

On job losses, the acting Director, Corporate Communications, CBN Mr. Isaac Okoroafor, said it was not peculier to the industry.

He said it was about what the labour law says and about the country's industrial policy, but remained optimistic that the Ministry of Labour and the banks would arrive at a reasonable conclusion in their soon-to-be-held meeting.

He said the interactive session was a way of sensitizing stakeholders about the recent policies taken by the apex bank.