BY NAHIMAH AJIKANLE NURUDEEN
Lagos — Electronic payment solution provider Interswitch has called for the integration of the over 79 percent of the unbanked Nigerians into the financial community for the new Central Bank of Nigeria (CBN) cash less policy to succeed.
The Chief Executive Officer of Interswitch, Mr. Michelle Elegbe said this during a forum organised in Lagos to explain the company's activities around the cashless programme in Nigeria with electronic payment solutions.
He noted that while over 20 million Nigerians now have bank accounts, there are still more bank accounts than the number of payment cards, a situation he described as not too good to drive the new cash policy in the country.
He said there was need for the apex bank and other players in the country's financial sector to increase awareness on the cashless policy.
Elegbe said over 100 million interbank transactions were processed on the electronic platforms of Interswitch in 2011, a figure that represents 70 per cent of the total electronic transactions in Nigeria.
According to him, the task of handling such huge transactions, was made possible with the availability of robust e-payment solutions on the stable of Interswitch incuding Paydirect, Autopay, Direct Debit, Verve Card, Quickteller, Webpay and Smartgov.
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