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Lagos, Others Control 90% Cash Transactions –CBN

The Central Bank of Nigeria (CBN) has said Lagos and the six other states control about 90 per cent of cash transactions in the country.

The other States are Rivers, Anambra, Abia, Kano, Ogun and the Federal Capital Territory (FCT).

The CBN Deputy Governor, Operations, Mr. Tunde Lemo, who disclosed this, said this was one of the factors that necessitated the planned extension of the cashless policy to those States from July 1, this year.

He, however, pointed out that there were still some challenges with the cashless project, saying that most of them are being resolved. Lemo identified interconnectivity as one of the challenges.
Lemo said that besides the use of alternative channels of transactions such as Point of Sales (PoS), the cashless project would be driven through the telephone.

Lemo also said the cashless policy had been successful in Lagos, adding that the number of point of sale (PoS) terminals in the state has increased significantly from about 5,000 when the policy took off last year, to over 150,000.
“We still have a few challenges, but if I look back, I really would say that we have done a lot to transform the payment system in Lagos through PoS,” he said.

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