Nigerian banks drive electronic payments

Bank of Nigeria (CBN) has so far deployed 70 000 point-of-sale (POS) terminals and 9 000 ATMs across the country as of May this year, as part of its plans to drive electronic payment systems, This Day Live reports.

Chidi Umeano, CBN head of shared services, claims the bank will continue to deploy more POS across the country as part of its efforts at ensuring the success as well as the seamless operation of its cash-light policy programme.

Umeano states that CBN created the Nigerian Electronic Fraud Forum to educate banks on electronic fraud as well as share fraud data among stakeholders.

CBN governor Lamido Sanusi explains that the cash-less economic policy and POS deployment enables bill payment, fund transfers and virtual top-up payments, Daily Times states.

Sanusi explains that central banks all over the world are at the centre of developing banking and payment systems, Nigerian Bulletin says.

He notes that it is imperative for central banks to perform the role of facilitating the exchange of goods and services among economic agents.