Cashless: Banks Deploy 100,000 PoS Terminals

Cashless: Banks Deploy 100,000 PoS Terminals

As part of efforts to ensure the success of the cashless policy, the total number of Point of Sale (PoS) terminals deployed by banks has increased to 100,000 as against the 70,000 it was as at last month.

Head, Shared Services at the Central Bank of Nigeria (CBN), Mr Chidi Umeano, disclosed this in Lagos. He  said the banks had set a target of deploying over 150,000 PoS terminals in Lagos before the end of this year.

"Banks have continued to roll out more innovative electronic payment platforms to meet customers’ expectations. Currently, banks have deployed about 100,000 PoS terminals and before the end of the year, if things go as planned, about 150,000 PoS terminals will have been deployed.

“The cash-less project is on course and the initial challenges are being overcome,” he said.

Umeano also said the CBN was set to acquire a new fraud prevention system, payments system oversight and anti-fraud system, to tackle fraud in the electronic payment (e-payment) system.

He said the goal of the system was to provide the facility to distinguish fraudulent and legitimate transactions based on redefined checks in online payments. This, according to him, would allow only legitimate transactions to be processed.

The CBN, Umeano said, believed the adoption of the system would also boost the cash-less initiative by strengthening the protection against fraudulent payment activities.

“The fraud detection system will help detect potential fraud situations through the generation of online alerts as a result of transaction analyses,” he said.

He said this would help the apex bank in the efficient documentation of potential fraud situations as well as facilitate identification and capturing of fraudsters.

Umeano also called on the National Assembly to expedite action on the Payment System Management Bill and the Financial System Ombudsman Bill, in addition to review of the Evidence Act.

Meanwhile, the Association of Corporate Affairs Managers of Banks (ACAMB) has urged merchants, traders, supermarket operators, and filling station owners to hurry to their banks and collect PoS terminals to facilitate e-payments nationwide.

A statement at the weekend, said the association had also begun its cash-less Lagos education campaign starting from religious institutions such as churches and mosques.

The body of corporate communications professionals said  Nigerian banks had acquired sufficient capacity in the areas of infrastructure and manpower to run a seamless cashless economy. It assured bank customers and other related parties to avail themselves of the friendly environment Nigerian banks have provided to promote businesses and personal banking experience.

"Banks operating in Nigeria have invested billions of naira to acquire hundreds of thousands of PoS and allied facilities and technology to service customers better in the new cashless economy era" ACAMB’s President, Tunde Shofowora said.

He added: “The aim is to penetrate Urban and semi urban areas with mass market appeal while communicating in local languages, create and generate excitements for everyone to embrace cashless transactions, stimulate interests and intent to embrace e-banking and raise awareness at the grass roots level for the new policy.

“ACAMB intends to achieve improved activation of PoS all over the country, and a quantum leap in the use of electronic transfer products. The programme will facilitate the growth of electronic payments and increase the availability, reliability and security of electronic channels. It will discourage heavy cash usage that attracts deadly robberies and cash related crimes such as kidnapping and money laundering. ACAMB wants heavy users and receivers of cash to transit to e-payments.

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