ATM transaction volume hits N1.7tn –CBN

The Central Bank of Nigeria has put the volume of transaction on Automated Teller Machines in the country at over N1.7tn as of June this year.

It said the number of ATMs increased from 10,727 in 2012 to 15,000 as of June 2014, “with transaction volumes moving from N1.3tn to N1.7tn within the same period.”

The CBN, however, regretted that despite the 15, 000 active and existing ATMs, over 46 per cent of Nigerian adults remained unbanked.

The bank made these figures known on Thursday in Lagos at the launch of a mobile money initiative led by Globacom and four financial institutions, FirstMonie (a subsidiary of First Bank of Nigeria), Ecobank Plc, Stanbic IBTC Bank Plc and Zenith Bank Plc.

The Director, Payment Systems, CBN, Mr. Dipo Fatokun, said the bank had also increased the Point of Sales terminals across the country from 21,400 in 2012, to 135,000 as of June 2014.

He said with the increment in the number of terminals, the PoS transaction volume had also risen from N57.3bn to N138bn in the period under review.

Fatokun expressed confidence that the Globacom-led initiative tagged: ‘GLO Exchange’, would encourage more Nigerian adults to be banked.

He noted that the initiative was significant to the CBN, with the use of telecommunications platforms to bring more Nigerians into the financial inclusion cycle.

Fatokun said, “Despite that, a large number of Nigerian adults have no bank accounts; the CBN is working to bridge that gap through a well-formed national financial system.

“Today’s launch between Globacom and four financial institutions will drive the policy and ensure that people use electronic means to transact business across boundaries.”

According to him, mobile money is the next big thing expected to transform the CBN’s cash-less policy.

Fatokun added, “It is critical because it allows for spread because of the mobile phone platform, which is over 120 million in Nigeria.

“The central bank believes that such initiatives like this will aid both the telecommunications and banking industries to further serve Nigerians better.”

The Head, Glo Prepaid Services, Mr. Kamal Shonibare, said the government and the CBN had canvassed the cash-less revolution through relationship between banks and the telecommunications operators.

He said the telecommunications operators were to create platforms that would drive and make the process a success.

Shonibare noted that majority of the 170 million Nigerians had no access to financial services.

Quoting a report, he said only 20 million Nigerians were banked, while about 80 million others, whom he described as those at the bottom of the social pyramid, were unbanked.

He said the financial sector had yet to succeed in bridging the inclusion gap, but expressed confidence that the Glo Exchange would enable banks to provide mobile money services to their customers and would-be customers on the telecoms firm’s platform.