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PoS terminals now 115,000 –Lemo

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Deputy Governor (Operations) of the CBN, Mr. Tunde Lemo

Deputy Governor (Operations) of the CBN, Mr. Tunde Lemo
The Deputy Governor, Operations, Central Bank of Nigeria, Mr. Tunde Lemo, on Tuesday said the total Point of Sale terminals has risen to 115, 000.

Lemo disclosed this during a visit to the Ogun State Governor, Senator Ibikunle Amosun, in his Oke-Mosan, Abeokuta office on the planned take-off of the cashless policy in the state.

He said, “We have a report card of cashless Lagos here. In the last one year or more we have been quite successful in Lagos State. We saw dramatic increase in Point of Sales from less than 10,000 now currently to over 115,000 as at April 29.”

The deputy governor added that the CBN had recovered over N6bn customer funds trapped in commercial banks in the country from Internet banking and electronic money transfer transaction, adding that the apex bank had succeeded in reducing the incidence of fraud in the nation’s banking sector by 90 per cent through its cashless policy.

He also said that from next month its cash-less policy would kick off in Ogun, Abia, Abuja, Anambra, Kano and Rivers states.

Lemo who spoke on the theme, ‘Cashless Nigeria: The Journey So Far’ said that through its newly established Consumer Protection Department, the CBN had been able to recover the over N6billion funds belonging to commercial banks customers who had at one point or the other had problems in their internet banking and electronic money transfer transactions.

He stressed that with the measures put in place by the CBN, the commercial banks could ill-afford to “play games” with customers’ funds in their vaults.

The CBN deputy governor added that the apex bank had stepped up actions towards ensuring that bank customers using electronic payment services were adequately protected.

He stated that this had led to the creation of the Nigeria Electronic Fraud Forum and the recovery of the N6 billion customers’ funds from commercial banks in the country.

Lemo said, “Internet banking and electronic fund transfer actually have caught our fancy and in terms of the volume, it’s amazing how much volume of transactions now happen around NIP instant payments and other forms of electronic funds transfer.”

He further said that the measures adopted by the CBN would restore confidence in the nation’s banking sector.

Lemo who was received on behalf of Governor Amosun by his deputy, Prince Segun Adesegun, also disclosed that the CBN was in the process of establishing the Office of the Ombudsman for financial services, warning commercial banks that the era of distrust in the sector had gone as further measures were being put in place to fight fraud in the sector.

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