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Bankers’ Committee to engage NCC on strengthening cash-less initiative

By on February 21, 2013

THE current challenges facing the smooth operations of cash-less policy of the Central Bank of Nigeria (CBN) may have received the attention of the Bankers’ Committee, as plans have been concluded to engage the Nigerian Communications Commission (NCC) and other service providers on the issue.

The Governor of CBN, Mallam Sanusi Lamido, who disclosed the plan, said that the Committee is currently working with the Nigerian Communications Commission (NCC) and other service providers to ensure that the challenges are addressed.

The CBN governor expressed satisfaction with the level of progress made on the cashless policy, despite the challenges, saying that more efforts would be made to get to the desired target.

“The numbers done in terms of Points of Sale (PoS), Automated Teller Machines (ATMs) are very remarkable.

“We started last year with 5000 PoS machines, we ended year with 165,000 PoS machines. Mobile banking for example, in January was doing N4 million per month, by December last year, it went up to N8 billion. It is moving up and we hope it continues,” he added.

He stressed that some of the challenges confronted by the policy were more about telecommunications issues.

He said: “If you want to move data for example, you need more bandwidth. It is not enough to have PoS terminals, or to have ATMs, there is need to expand the bandwidth.

“There are operational issues, simple things like my name is Mohammed Michael in one bank and there in another bank, it is Michael Mohammed. You will be amazed that you do a transaction on the PoS and you have operational issues because the name doesn’t match. So, these are all small things that we discovered.

“We can say that we are not where we want to be, but definitely we are inching closer and we will get there.”