• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 25, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Emefiele says Transaction Volume via E-channels Increased by 836%

by Justice Godfrey Okamgba
May 2, 2023
in Finance
0
CBN
UBA
Advertisements
According to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), the number of transactions conducted online climbed by 836 percent between 2017 and 2021.

At the 34th seminar for finance correspondents and business editors held by CBN on Tuesday in Calabar, Cross River, Mr. Emefiele made this disclosure.

“Implementing a Robust Payment Architecture: Prospects, Opportunities and Challenges” is the focus of the current conference.

The Governor, who was represented by Mahmud Hassan, Director of the CBN’s Monetary Policy Department, claimed that the continuing development and implementation of several programs by the central bank had fueled innovation.

According to him, it has also met emerging market needs in the payment system landscape.

Mr. Emefiele said the key objective was the use of a payment system as a tool to achieve financial inclusion goals in the country.

He said through these programs, the CBN had successfully repositioned the Nigerian payment system to be highly competitive and acclaimed as one of the most innovative globally.

“Thus, many payment products found in the country are now readily available in some other economies.

“These include the Instant Payment, the QR codes, the Central Bank Digital Currency (eNaira).

“These efforts have culminated in a significant increase in the total volume of transactions and electronic payment channels.

“While the use of cash and cheques continued diminishing, web-based transactions such as PoS, NIP, ATM, and MMO have increased substantially.

“For instance, between 2021 and 2017, the volume of transactions via electronic channels such as ATM, POS, WEB, MMO, and NIP increased by 99.76, 1,775.72, 35,502.58, 2,413.44 and 836.50 percent, respectively,” he said.

The eNaira, one of the apex bank’s major projects, according to Mr. Emefiele, was responsible for this important development in payment system architecture.

Since the eNaira’s debut, the initiative, according to him, has continued to change its features to make it more usable by a wider range of users.

Emefiele said, “Today, one does not need a smartphone to use the eNaira as it has become compatible with all generations of mobile devices, including future phones.

“Today, over 1.4 million transactions have passed through the eNaira platform.”

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CBNChanneMoney
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
Africa Blue Economy

Innovating a Bluer Economy for Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc Records N19.3B Premium Income in 2023

1 year ago
Bosun Tijani graduates

Bosun Tijani’s Remarkable Career Journey

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.