It seems the cashless policy introduced by the CBN is finally paying off. According to records recently released by the CBN, the value of transactions made through Point of Sale (POS) terminals increased by 70,925 per cent from an average of N38 million per month in January 2012 to N27 billion monthly as at September 2014.
The Deputy governor of the Central Bank of Nigeria (CBN), operations, Suleiman Barau, said the increase in value of transactions was due to better connectivity and the time of settlement which has reduced to T+1 (a day after transaction date). Although the cashless policy has been quite successful there is remains a number of challenges such as the lack of understanding of the policy, prevailing cash culture in the country, techno-phobia, illiteracy and network connectivity issues.
To counter the technological challenges facing the cashless policy, Globasure is continue in its quest to develop innovative solutions to improve the efficiency and usability of e-payment systems.