The Central Bank of Nigeria, CBN has disclosed that 46 per cent of Nigerian adults currently have no access to financial services, despite the massive deployment of Automated Teller Machines (ATMs) and increase in Point of Sales (PoS) terminals.
The CBN Director of Payment Systems, Dipo Fatokun, made this known over the weekend at the launch of a mobile money initiative led by Globacom and four financial institutions tagged ‘Glo Exchange’.
Fatokun disclosed that between 2012 and 2014, the number of ATM machines in the country increased from 10,727 in 2012 to 15, 000, noting that within the same period, the transaction volume also moved from N1.3 trillion to N1.7 trillion. He also disclosed that the country had increased its Point of Sales (PoS) terminals, which was 21, 400 in 2012 to 135,000.
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