Nigeria's slow adoption of electronic banking practices is rapidly changing for the better. Awareness of electronic payments in Nigeria is increasing and it accounted for N360 billion worth of transactions in 2008.
This according to Adeyinka Adeyemi, managing partner at Intermac Consulting during the recent presentation of the 2008 e-banking Customer Survey Report.
It seems the practice of carrying bags of bank notes around is changing with the Automated Teller Machine Industry Association identifying Nigeria as the fastest growing ATM market in Africa. Around 6 000 ATMs have been installed in the country thus far.
Adeyemi said that 7 500 point of sale terminals have been installed across Nigeria – a figure that is set to double within the next six months. Mobile banking and Electronic Funds Transfers (EFTs) are also gaining popularity.
According to the survey, 97% of Nigerians that are aware of ATMs use the service; of the 67% of the respondents that were aware of SMS banking only 48% used it; and of the 45% aware of Mastercard, only 10% use the service.