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Published On: Wed, Mar 5th, 2014

CBN installs over 200,000 POS in Nigeria–Official

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CBN bars banksFrom Ahmed Kaigama, Bauchi

As parts of its effort to ensure the implementation of cash less policy, the Central Bank of Nigeria (CBN) has installed over 200,000 Point of Sale (POS) in the country in two years.

This was disclosed by the Share Service Officer of CBN, Abuja office, Aminu Yadume during the sensitisation on the CBN cash-less policy held in Zaranda hotel Bauchi yesterday.

He said CBN was able to install 5,000 POS in 2012 when the cash less policy kicked off in Lagos state saying that the number of POS in use in Nigeria have increased to 200,000 in 2014.

He expressed the readiness of CBN to install internet services and POS in all the Local Governments in Nigeria to ensure effective use of cashless policy.

According to Yadume, the aim of cashless policy is to reduce movementof cash to barest minimum as well as reduce level of corruption.

He said “cashless policy was introduced in Lagos in 2012 and the success achieved prompted CBN to implement it in all the states. We don’t intend to eliminate cash but to reduce amount of physical cash

by encouraging internet banking.

He assured CBN determination to engage in sensitization campaign on the implementation of cashless policy in all LG in the country.

He called on government at all levels to encourage their staff to embrace the cash-less policy.


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