Cash-less: NEFT, NIP Record N40bn Transactions

14 Feb 2013

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Transactions recorded by the Nigerian Inter Bank Settlement System (NIBSS) under its NIBSS Instant Payment (NIP) and Nigerian Electronic Fund Transfer (NEFT) have increased significantly to about N40 billion daily.

NIP and NEFT are products used by corporate organisations to make payment for huge transactions electronically, in line with the cash less policy.

A statement quoted the Head, Shared Services, Central Bank of Nigeria (CBN), Mr Chidi Umeano, to have explained that the data were gathered from the NIBSS. He also revealed that as a result of the cashless policy, cheques, Point of Sale (PoS) and Automated Teller Machines (ATMs) usage have continued to record huge volume and value.

He added: “Banks have continued to roll out more innovative electronic payment platforms to meet customers’ expectations. The cash less policy has been very successful in Lagos, considering when we started and how far we have gone in terms of PoS deployment.”

The CBN Deputy Governor, Operations, Mr. Tunde Lemo, last week informed THISDAY of plans by the apex bank and Bankers’ Committee to extend the cash less policy to Rivers, Kano, Anambra and Abia states as well as the Federal Capital Territory by July 1.

Lemo had said: “When we talk about nationwide roll-out, we are also being careful to ensure that we make use of resources in a smart way. Cash doesn’t flow in the same volume in every state of the federation. What we would do in July is to look at those other market clusters where large volumes are transacted and add them to Lagos.”

First Bank, GTB, Zenith among World Top 500

First Bank of Nigeria has retained the number one banking brand in Nigeria in the recently released Top 500 World Banking Brands Ranking by The Banker and Brand Finance in the United Kingdom.

A statement yesterday said the bank emerged top in Nigeria and was closely followed by Guaranty Trust Bank (GTBank), and Zenith Bank in the ranking.

Also, it stated that the United Bank for Africa (UBA) which made the ranking last year was not in the ranking.

First Bank had also emerged number one banking brand in Nigeria last year among the four banks that made the 2012 ranking.

According to a statement from the Country Representative, Nigeria of The Banker, Mr. Kunle Ogedengbe, First Bank came top amongst the Nigerian banks as number 414 in the world followed by GTB- 415 and Zenith Bank which was also ranked 454.

For the ranking, Brand Finance employed the discounted cash flow technique to discount estimated future royalties at an appropriate rate to arrive at a net present value of a bank’s trademark and associated intellectual property which is the brand value that is used in the ranking, the statement explained.

First Bank led in Nigeria with a brand value of $201 million while the totality of the value of the three Nigerian banks that made the Top 500 World Banking Brands was $574 million and they collectively.

Only Nigeria and South Africa were the African countries that made the Top 50 banks by total brand value among the countries of the world.

The top ten bank brands in the ranking were in the United States of America (USA), Europe and Asia. The 2013 number one bank brand in the world was Well Fargo of the USA. It was followed Chase (USA), HSBC (UK), Bank of America and Citi (both from the USA), Satander (Spain), ICBC (China), American Express (US), BNP Paribas (France) and China Construction Bank (China).

Tags: Business, Nigeria, Featured, Cash-less, NEFT, NIP, N40bn Transactions

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