The statistics have been issued by the Central Bank of Nigeria (CBN) which has been leading a cashless policy in what concerns payments, vanguard.ngr reports. The Point of Sale (POS) channel grew by 550% in 2014. The mobile payment platform registered the fastest growth, as it grew by 8,400% in the same year. Online payments also grew significantly as the value of internet transactions jumped to USD 345.35 million (NGN 65.6 billion) in 2014 as against USD 163.2 million (NGN 31.5 billion) in 2012.
Since the implementation of the payments system vision 2020 (PSV2020) initiatives, in collaboration with the banking community and other stakeholders, launched in March 2007, Nigeria has witnessed growth in electronic payments and a steady shift from the dominance of cash payment.
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