Cashless Policy: Interbank Processing To Surpass N2.4tr

As the Central Bank of Nigeria (CBN) intensifies the implementation of the cashless policy of the economy aimed at reducing the quantity of physical cash in circulation, transaction processing for banks and other financial services is set to surpass US$15 billion (N2.4 trillion) this year.

Currently, commercial banks are working to raise the level of interbank processing and transactions volumes to over 100 million before the end of 2012 which would see many more Nigerians using electronic modes of payments for their transactions including payment of utility bills, tax, and banking payments.

Mr. Mitchell Elegbe, managing director, Interswitch Limited which handles front-end-processors of all banks in Nigeria and most Point of Sale (PoS) and automated teller machines (ATMs) including debit and credit cards interbank transactions, said the full implementation of the cashless policy at the end of March will grow the electronic payment landscape.


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