Daily trans­ac­tions value on e-pay­ment plat­forms hits N100bn

Daily Trust - - BUSINESS - By Chris Agabi

As the cash­less pol­icy of the Cen­tral Bank of Nige­ria (CBN) gains trac­tion, the value of the daily trans­ac­tions on the var­i­ous elec­tronic pay­ment plat­forms has peaked at N100 bil­lion.

Sim­i­larly, the point-of-sales (PoS) plat­form now pro­cesses, at least, N1.5 bil­lion worth of trans­ac­tions daily.

The CBN Di­rec­tor, Bank­ing and Pay­ment Sys­tem Depart­ment, Mr. Dipo Fa­tokun, dis­closed these yesterday in Abuja at the CBN elec­tronic pay­ment in­cen­tives scheme cash re­ward pre­sen­ta­tion to the win­ners.

“About N100bn worth of trans­ac­tions are done ev­ery day on the var­i­ous e-pay­ment plat­forms. Out of this, at least N1.5bn trans­ac­tion is on the point-of­sales (PoS) plat­form for which this award is be­ing given,” he noted.

The CBN in­cen­tive re­wards cus­tomers who use the PoS to do trans­ac­tions and the win­ners are se­lected ran­domly.

At yesterday’s event, three cus­tomers walked home with N100,000, N50,000 and N35,000 for first, sec­ond and third places re­spec­tively.

“The award was in­tro­duced in 2014 to en­cour­age e-pay­ments in Nige­ria. This is the sec­ond edi­tion. It in­cen­tivizes three cat­e­gories of peo­ple in the pay­ment scheme. It re­wards the card holder, the mer­chant and the sales per­son,” he ex­plained.

In this first in­stance, the card holder is be­ing re­warded, but soon, the mer­chants and sales rep­re­sen­ta­tives will also be re­warded, Mr Fa­tokun said.

Ac­cord­ing to him, Nige­ria now has over 120,000 PoS ter­mi­nals (desk­top PoS) in use, adding that more mo­bile PoS are be­ing de­ployed to deepen the PoS pen­e­tra­tion across the coun­try. He noted that the PoS are cheaper, eas­ier to de­ploy and com­plete more trans­ac­tions suc­cess­fully than the desk­top PoS do.

“In terms of pen­e­tra­tion, we are not there yet,” he said. “Nige­ria has a pop­u­la­tion of about 170 mil­lion peo­ple, thus if you look at the pen­e­tra­tion in term of ra­tio, it is still small. But if you jux­ta­pose it with the 2011 De­cem­ber fig­ure when we com­menced the cash­less pol­icy, we have re­ally moved fast be­cause we had less than 5000 PoS across the coun­try then,” he noted.

The CBN will soon be com­menc­ing the pur­chase and cash-back scheme. When this be­comes op­er­a­tional, Fa­tokun dis­closed, a card holder can walk up to a mer­chant, make some pur­chase and also make some cash with­drawals for a to­ken charge of N100. He quickly added, “But there is a limit to the amount of cash you can with­draw.”

The apex bank hopes this new sys­tem will re­duce queues at the ATMs as part of its ef­forts to en­sure the suc­cess of the cash­less econ­omy.

Mr. Ade Shonubi, the Man­ag­ing Di­rec­tor/CEO, Nige­ria In­ter-Bank Set­tle­ment Sys­tems PLC (NIBSS), re­vealed at the event that NIBSS, the CBN and other stake­hold­ers are dis­cussing with the telecom­mu­ni­ca­tions com­pa­nies to en­sure seam­less con­nec­tiv­ity.

Shonubi de­cried a sit­u­a­tion where PoS at­ten­dants de­lib­er­ately refuse to use the ma­chine on the pre­text it is not avail­able “be­cause they would love to keep the change.”

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