Nigeria records N80bn electronic transactions daily

October 31, 2014 by Agency Reporter 0 Comments


PoS machines
| credits: File copy


As the adoption of electronic payment system increases in the country, about N80bn is electronically transferred daily from one bank account to the other in Nigeria.

This was disclosed by the new Group Managing Director and Chief Executive Officer of Diamond Bank Plc, Mr. Uzoma Dozie, citing current statistics on business transactions.

Speaking on ‘Media Trends in Business and Big Data Management’ at the Society and Technology Conference and Exhibition 2014 in Lagos, Dozie noted that in compliance with global financial trends and the cashless policy of the Central Bank of Nigeria, electronic payment had created a new order in financial transactions.

He said it had also afforded Deposit Money Banks the opportunity to create financial products and services that were customer-centric.

According to Uzoma, e-money is virtually stored monetary value in wallets or accounts, noting that the platform allows the account holder to access the value of the money with ease, exchange and transfer electronically.

“The financial industry has moved through various stages; at the moment, value is being stored virtually. Customers have come to the realisation of the ease associated with e-money,” he said in a statement.

Dozie further noted that Diamond Bank had risen to the challenge of the new order of electronic banking through the development of products such as BETA, which incorporates the traditional method of savings in an account with low minimum account balance and low fees, bearing interest.

“Diamond Bank also has a mobile App which has functions for financial transactions and lifestyle products. The App can be installed on smart phones and tablets. Customers should not be put off from using this App because it is easy to use; has functional content and secured platform for business,” he added.

According to the statement, since December 2011 when the CBN introduced Cashless Nigeria, Diamond Bank has remained committed to introducing real-time electronic banking, mobile banking app for smart phones and tablets among others.