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

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

The bank made these figures kenned on Thursday in Lagos at the launch of a mobile mazuma 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, verbalized the bank had additionally incremented the Point of Sales terminals across the country from 21,400 in 2012, to 135,000 as of June 2014.

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

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

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

Fatokun verbally expressed, “Despite that, a sizably voluminous number of Nigerian adults have no bank accounts; the CBN is working to bridge that gap through a well-composed national financial system.

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

According to him, mobile mazuma is the next astronomically immense thing expected to transform the CBN’s cash-less policy.

Fatokun integrated, “It is critical because it sanctions 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 avail both the telecommunications and banking industries to further accommodate Nigerians more preponderant.”

The Head, Glo Prepaid Accommodations, Mr. Kamal Shonibare, verbally expressed the regime and the CBN had canvassed the mazuma-less revolution through relationship between banks and the telecommunications operators.

He verbalized the telecommunications operators were to engender platforms that would drive and make the process a prosperity.

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

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

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