The Central Bank of Nigeria and Nigerian Communications Satellite (NigcomSat) are drafting a Memorandum of Understanding to provide effective Internet services to fast-track the cash-less policy introduced by the central bank.
The Head, Shares Services, CBN, Mr. Aaron Yaduma, stated this in Yola on Wednesday during the ongoing cash-less policy sensitisation programme embarked upon by the CBN.
Yaduma said the development was aimed at transforming national financial services into all areas of the country and to ensure prompt security in the sector, according to the News Agency of Nigeria.
“Discussion was entered into with NigComSat with the view to exploring other alternatives to the available General Packet Radio Service network being used for the deployment of Point of Sale terminals.”
“In view of the development, a Memorandum of Understanding has been drafted for NigComSat to provide Wi-Fi hotspots in the 774 local government areas,” Yaduma said.
He said a pilot service was conducted in six states across the country and the concept had proved to be successful.
Yaduma said the CBN had planned to use post offices as agent centres for cashless transaction and other financial activity in order to leverage on existing assets.
He explained that the development would also assist to drive down cost of taking payments and financial services to rural Nigerians.
He added, “Plans are underway to use post offices as agent centres in order to leverage on existing assets. This will further drive down cost of taking payments and financial services to rural Nigerians.”
He, however, said that the CBN was making good progress in implementing a unique biometric customers identification solution for the industry.
