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Why POS agents are needed in CBN’s cashless policy by Emefiele

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The Governor of Nigeria’s apex financial institution, has given reason Point of sale, POS operators are necessary in the country’s money policy.

Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria CBN, speaking on Thursday when he appeared before the House of Representatives to brief the lawmakers on the recent monetary policies of the bank especially the cash withdrawal limit, Emefiele said that it was important to ensure that the people at the hinterlands where there may not be financial institutions are given access to financial services.

Though, being represented by Aisha Ahmed, the deputy governor, Financial System Stability,  noted the quickest financial service would be the POS at the rural communities.

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base on him, there were 6,500 bank locations, 900,000 POS terminals, 14,000 Automatic Teller Machines, ATMs, across the country, and 1.4 million agents nationwide.

He said every local government in Nigeria has an agent represented, adding that there were N6 trillion in POS transactions as against N48 billion in 2012 when the policy was started.

“Today, we have a very robust payment system that includes bank branches, branches of micro-finance banks, POS machines, ATM machines, agent banking, E-Naira, and many other options. To be specific, between the bank and the micro-finance banks, we have 6,500 locations, 900,000 POS terminals, 14,000 ATMs across the country, and 1.4 million agents nationwide and every single local government in Nigeria has agent represented. We also have a proliferation of electronic transactions. Just by way of quick example, in 2012, we had N48 billion in POS transactions. Today, we have N6 trillion in POS transactions. listen in full.

 

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