CBN to deploy 150,000 POS terminals

May 11, 2012

The Central Bank of Nigeria wants to introduce more Point of Sale terminals in Lagos to reduce the country's dependency on cash in transit.

It aims to deploy 150,000 machines as part of the nation's transition to a cashless society, the Daily Trust reports.

Speaking at the opening of a three-day cashless fair in Lagos, Governor of the CBN Sanusi Lamido explained the move will reduce the risks associated with dealing in large amounts of cash.

"It is in an attempt to reduce these challenges that the CBN, in collaboration with the Bankers' Committee, initiated the project - Cash-Less Nigeria - with the aim of encouraging Nigerians to adopt e-payment," he stated.

Currently, 70,000 POS terminals have been deployed by Nigerian banks, but the central organisation wants to more than double this by the end of the year.

In March, Ecobank announced plans to install 10,000 additional POS terminals in Lagos, while the financial institution also offers services to aid the move to a cashless society, such as mobile banking solutions.ADNFCR-2976-ID-801361541-ADNFCR