‘Seven states control 90% of cash transactions’

Lagos, Federal Capital Territory and five other states control about 90% of the total cash transactions in the country, the Central Bank of Nigeria (CBN) has said. The other states are Rivers, Anambra, Abia, Kano, and Ogun.

Tunde Lemo, CBN’s Deputy Governor in charge of Operations, said this was the reason the states were being slated for the second phase of the cash-less project billed to kick off on the 1st of July.

Nigeria is second in number of mobile phone users in sub-Saharan Africa after South Africa, which is also the largest economy in the region.

The cashless policy, whose implementation began in Lagos in January, 2012, is aimed at reducing the dominance of cash in the system. The policy specifies penal charges for individuals and corporate organisations that want to withdraw or lodge cash above prescribed limits.

The Nigeria Interbank Settlement System is handling transactions worth about ₦20 billion daily, while the Nigeria Electronic Funds Transfer is conducting about ₦60 billion worth of transactions daily.

myfinancialintelligence.com