Sanusi, who made this disclosure in his keynote address at the ongoing three-day Cash-less Lagos Fair, stated that the deployment was within and outside their branches, adding that the ATMs have the capability to enable bill payment, funds transfer, virtual top up and others.
The CBN governor also disclosed that, as of May this year, the banks had deployed a total of 70,000 points of sales (PoS) terminals to merchant locations, noting that the target is to deploy over 150,000 PoS terminals by the end of the year.
He explained that central banks all over the world are usually at the centre of the development of banking and payments system, noting that it is imperative that they perform the role of facilitating the exchange of goods and services among economic agents
“Most importantly, an efficient payment system enhances financial inclusion and effective transmission mechanism of monetary policy, as well as overall financial stability of the economy. In this regard, the CBN is not different and has, since its inception, vigorously promoted the development of a sound and efficient payments system in the country,” he said.
Sanusi further said the cash-less economic policy was designed to promote financial intermediation, financial inclusion, minimise revenue leakages, eliminate incidence of robbery and also to reduce the amount of cash payment and encourage electronic payment, stating that cost of cash and associated risk of cash-driven economy to Nigeria’s financial system was high and increasing.
“In fact, the direct cost of cash management is estimated to reach N192 billion by the end of 2012. It is in an attempt to reduce these challenges that the CBN, in collaboration with the Bankers’ Committee, initiated the project “Cash-Less Nigeria” with the aim of encouraging Nigerians to adopt e-payment,” he explained.
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