E-Payments Hit N10.89trn In January   Nigerian banks facilitated electronic payments valued at N10.89tn in January, a 29 per cent increase in transactions as against N8.41tn recorded in January 2019. This is as the volume of electronic payments rose to 160.18 million, recording 58 per cent increase...

CBN Sets Fresh Rules To Improve PoS Deployment, Usage   The Central Bank of Nigeria (CBN) is taking steps meant to get more people embrace e-payment channels, especially Point of Sale (PoS) machine. The Nigeria Interbank Settlement System (NIBSS) data showed the total volumes of PoS transactions...

CBN Launches Measures To Boost e-payment Systems   As part of its commitment to facilitate the development of the Nigerian payments system and deepen the adoption of various electronic payment options available to users, the Central bank of Nigeria has identified the predominant use of single...

Merchants Revert To Cash Payments Following PoS N50 Charge   Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown. Some of them who spoke with our correspondent said the decision to dump the PoS...

Operators Protest As PoS Agents Slam N50 Charge   Agent banking service providers are protesting the introduction of the N50 charge imposed on individual transactions above N1,000 carried out by merchants in the country. Some of them who spoke with our correspondent said the volume of electronic...

PoS Terminals Rise By 36% In 1 Year The number of active Point of Sale terminals used by merchants for financial transactions rose by 36 per cent between June 2018 and June 2019, the latest report by the Nigerian Inter-Bank Settlement Scheme indicated. The report stated...