The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele says the country has recorded an impressive growth in the electronic payments system in the last eight years.
Emefiele said this at the inauguration of the payments system strategy board, payment scheme boards and initiative working groups on Friday in Lagos.
He said that the CBN's efforts to ensure that Nigerians move away from cash economy had been progressive, particularly through the Cash-Less programme.
Earlier, the Deputy Governor, Operations, Alhaji Suleiman Barau, said that the inaugurations was part of the CBN's efforts aimed at transforming the nation's payment system.
''Since the implementation of the PVS 2020 initiative in collaboration with the banking community and other stakeholders, Nigeria has witnessed an impressive growth in electronic payments system.
''It has also led to a steady shift from the dominance of cash payment,'' he added.
Barau said that in 2012, the Nigeria Electronic Fund Transfer (NEFT) stood at N13.6 trillion in 2012 and rose to N14.6 trillion representing an increase of 7.5 per cent.
He also said that the Point of Sales (POS) recorded N48 billion in 2012 and went up to N312 billion in 2014 representing an increase of 550 per cent.
The deputy governor added that internet transactions known as the WEB rose from N31.5 billion in 2012 to N65.6billion in 2014, representing 108 per cent
According to him, the Nigeria Interbank Payment (NIP) increases from N3.8 trillion in 2012 to N19.9trillion in 2014 with a growth of 423 per cent .
Besides, he said that the mobile money rose from N3.5 billion in 2012 to N296.9 billion.
''We are aware of the tremendous effort made, the large investment of funds and human capital by your respective organisations in ensuring the success we have achieved so far concerning our payments system.
''We would like to extend our gratitude and thanks to all the role players for making it possible for the dream to become a reality,'' Barau said.
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