According to local media reports, in order to reduce the huge cost of cash management, the Nigerian central bank promoted the use of electronic payment methods to replace cash use and vigorously develop a “cash-free economyâ€. To achieve this goal, the central bank will allocate 450,000 "terminal payment machines" (POS) nationwide by 2015, each machine costs about 200,000 naira, and the total cost will be around 90 billion naira.
It is reported that the average service life of Nigerian banknotes is about 6 months. In 2010 alone, the cost of printing, transporting and destroying banknotes by the central bank was as high as 34 billion naira. After adopting electronic payment, the central bank licensed four companies, including PAX, Bitel, Ingenico and Verifone, to configure and manage the POS machine.
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