Nigeria ATM transactions hit milestone

Nov 25, 2010

Transactions made in Nigeria using ATMs now value 80 billion Nigerian naira (€399 million) every month, the Chief Executive of one of the country's payment processors has revealed.

Kyari Bukar of Valucard Nigeria revealed the figure at the Information Security conference in Lagos, at which he also called for more to be done to protect the nation's population from fraud. He urged all users of credit and debit cards to be cautious and told banks the crime can make consumers dissatisfied with the service they are receiving.

"Operators are still working on more security features that would [put] us … ahead of fraudsters," he remarked, adding the issuing of chip and pin cards has helped to bring down the level of finance-related crime across Nigeria. At the conference, Mr Bukar, whose firm processes transactions made by customers of Nigeria's banks, also said point-of-sale purchases now total 1.4 billion every month.