“The Nigerian Inter Bank Settlement System (NIBSS) under its NIBSS Instant Payment (NIP) and Nigerian Electronic Fund Transfer (NEFT) claims transactions have increased significantly to about N40 billion daily.
NIP and NEFT are products used by corporate organisations and individuals to make payment for huge transactions electronically, in line with the cash less policy.
A statement quoted the Head, Shared Services, Central Bank of Nigeria (CBN), Mr Chidi Umeano, to have explained that the data were gathered from the NIBSS. He also revealed that as a result of the cashless policy, cheques, Point of Sale (PoS) and Automated Teller Machines (ATMs) usage have continued to record huge volume and value”. Thisday Newspaper
