The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido, has said that the Bankers' Committee is currently working with the Nigerian Communications Commission (NCC) and other service providers to ensure that some of the challenges of cashless policy are addressed.
Sanusi said this at a recent forum organised by Renaissance Capital (RenCap) in Lagos.
The CBN governor expressed satisfaction with the level of progress made on the cashless policy.
"The numbers done in terms of points of sale (PoS), automated teller machines (ATMs) are very remarkable". We started last year with 5000 PoS machines, we ended year with 165,000 PoS machines. Mobile banking for example, in January was doing N4 million per month, by December last year, it went up to N8 billion. It is moving up and we hope it continues," he added.
Sanusi stressed that some of the challenges confronted by the policy were about telecommunications.
He said: "If you want to move data for example, you need more bandwidth. It is not enough to have PoS terminals, or to have ATMs, there is need to expand the bandwidth.
"There are operational issues, simple things like: my name is Mohammed Michael in one bank and there is Michael Mohammed in another bank, you will be amazed that you do a transaction on the PoS and you have operational issues because the name doesn't match.
"So these are all small things that we discovered. We can say that we are not where we want to be, but definitely we are inching closer and we will get there."