The Association of Corporate Affairs Managers of Banks says banks have invested over N100bn to develop electronic payment channels in the system.

This was contained in a statement signed by the President, ACAMB, Rasheed Bolarinwa, titled ‘Banks not hoarding new naira notes, normalcy returning soon’.

The statement said, “Nigerian banks have invested an estimated total sum in excess of N100bn in setting up and maintaining cutting-edge electronic channels over the past few years as part of ongoing commitment to seamless customer experience and real time digital financial transactions.

“From Internet banking to mobile apps, Automated Teller Machines, Point of Sales merchants, mobile wallets, Unstructured Supplementary Service Data codes, agents and digital franchises among others; not less than 80 per cent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian banks.”

ACAMB empathised with the public on the unintended hardships being faced in the process of the ongoing rollout of re-designed naira notes and enhanced cashless policy.

It noted that the unintended constraints in the withdrawal of old naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, had unintended effects on the generality of the Nigerian populace.

In view of the numerous benefits of electronic payments and the cutting-edge capability of the Nigerian banking sector, ACAMB said it fully supports the enhanced cashless policy championed by the Central Bank of Nigeria.