Home Business Banking & Finance Banks invest N100b on e-payment channels, deny hoarding new Naira notes

Banks invest N100b on e-payment channels, deny hoarding new Naira notes

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The Association of Corporate Affairs Managers of Banks (ACAMB) has denied that banks are hoarding new Naira notes, and assured that normalcy would soon return in the currency swap system.

In a statement by ACAMB President, Mr Rasheed Bolarinwa, the association said that the banks have invested over N100 billion to develop electronic payment channels.

The statement read: “Nigerian banks have invested an estimated total sum in excess of N100 billion in setting up and maintaining cutting-edge electronic channels over the past few years as part of an ongoing commitment to seamless customer experience and real-time digital financial transactions.

“From Internet banking to mobile apps, Automated Teller Machines, Point of Sales merchants, mobile wallets, Unstructured Supplementary Service Data codes, agents and digital franchises among others; not less than 80 percent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian banks”.

ACAMB empathised with the public on the unintended hardships being faced in the process of the ongoing rollout of re-designed Naira notes and enhanced cashless policy.

It noted that the unintended constraints in the withdrawal of old Naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, had unintended effects on the generality of the Nigerian populace.

Given the numerous benefits of electronic payments and the cutting-edge capability of the Nigerian banking sector, ACAMB said it fully supports the enhanced cashless policy championed by the Central Bank of Nigeria.

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