ATMs most preferred transaction medium for Nigerians

Former Nigerian president Goodluck Jonathan at the ATM

Former Nigerian president Goodluck Jonathan at the ATM

from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – THE majority of Nigerians see the introduction of
automated teller machines (ATMs) as a major reform in the banking sector
over the last decade.

This is according to findings from a survey a regional polling body recently conducted across all the geo-political zones in the country.

The survey established that 91 percent view ATMs as such while the introduction of the Nigerian Uniform Bank Account Number NUBAN number (44 percent); internet banking (42 percent), Point of Sale-POS (32 percent) and Mobile Money Services (23 percent), were also mentioned as key banking sector reformation changes.

The least mentioned was the bank verification number (BVN) (2 percent),
which the Central Bank of Nigeria (CBN) introduced in February 2014 as
part of its cashless policy to capture customers’ data, give every customer in the banking system a unique identification number that can be verified across all banks in Nigeria and check fraud in the banking system.

“This finding therefore suggests the need for more rapid awareness creation on the BVN to Nigerians given the close deadline for registration in June 30 2015.” NOIPolls, which conducted the survey said.

According to the firm, more findings from the poll revealed that ATM services were the most used form of electronic banking services as
indicated by majority of the respondents (68 percent).

This is followed by 10 percent of the respondents who indicated they used
Mobile Money, which is mostly true for bank customers in the South-West
(19 percent) and South-South (17 percent) zones.

Respondents also indicated Point of Sale-(OS) (6 percent), internet banking (6 percent), and Credit Card (2 percent) as other electronic banking services used by customers. Nevertheless, a considerable proportion of bank customers (18 percent) do not use any of these services mentioned.

“Nigerians in this category most likely to be senior citizens aged 60 years and above,” NOIPolls stated.

The opinion poll involved telephone interviews of a random nationwide sample.

A total of 1 500 randomly selected phone-owning Nigerians aged 18
years and above, representing the six geopolitical zones in the country,
were interviewed.

“With a sample of this size, we can say with 95 percent confidence that
the results obtained are statistically precise – within a range of plus or minus 2,5 percent,” NOIPolls stated.

Nigeria introduced the Banking Sector Reform in the year 2004 with the aim of having a more efficient and reliable banking sector to enable better
security of customers’ funds and strengthen growth potential in banks
business operations.

The cashless policy which was introduced in 2012 as part of the reforms to
reduce the high risks attached to currency management in Nigeria and also
to intensify the national payments system, as in the past high lending
rates and service charges were inherited by customers due to heavy
operational costs in the banking sector.

– CAJ News




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Posted by on Jun 9 2015. Filed under Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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