Business - Companies Updated: February 06, 2023

Cash Scarcity: Banks Invest N1 Billion To Promote E-Payment Channels

February 06, 2023

The Association of Corporate Affairs Managers of Banks says banks have invested over N100 billion to develop electronic payment channels in the system.

This was contained in a statement signed by the President, ACAMB, Rasheed Bolarinwa, titled ‘Banks not hoarding new naira notes, normalcy returning soon’.

The statement said, “Nigerian banks have invested an estimated total sum in excess of N100bn in setting up and maintaining cutting-edge electronic channels over the past few years as part of the 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 per cent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian banks.”