Nigeria's daily EFT value in the billions

Nigeria's Daily Trust reports that according to the Central Bank of Nigeria (CBN) the total value of electronic funds transfer now stands at N80 billion (approximately $508 million) per day.

Tunde Lemo, the Deputy Governor, Operations, CBN, is quoted in the report as saying that the Nigeria Interbank Settlement System (NIBSS) records over N20 billion (approximately $127 million) daily transaction value, whilst the Nigeria Electronic Funds Transfer (NEFT) facilitates daily transactions to the value of N60 billion (approximately $381 million).

NIBSS is used to automate processing, settle payments and fund transfer instructions between key stakeholder groups, including banks, discount houses and card companies, writes Daily Trust.

The System is owned equally by all licensed banks in the country, as well as the CBN, with discount houses also holding shares.

“Recall that we started this programme actually in January last year and we are only just continuing. We are only just moving to phase two, so we have learnt all the ropes in phase one in cash-less Lagos and we believe we are ready to roll out to other six locations in Nigeria,” Lemo is quoted as saying.