According to the Nigerian Inter-bank SettlementThe discharge of an obligation in accordance with the terms of the underlying contract. In e-transfers the settlement may take days, whereas cash settlements are instantaneous and irreversible. More System (NIBSS) the country is lacking at least 40,000 ATMs. This shortage makes it difficult for customers to access their moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More and is hindering the government’s efforts to encourage people to make deposits. Indeed, an initiative to go cashless was launched in 2011 to promote the use of banking services and to persuade Nigerians to stop carrying huge amounts of money or hiding it under the mattress. Unfortunately, these effort cannot succeed if the infrastructure is unable to follow suit.
17,253 ATMs are currently available to 18 million citizens, but there are often failures, attacks and network outages. As a result, Nigerians have to queue for hours to get cashMoney in physical form such as banknotes and coins. More, a situation that might lead them to prefer keeping banknotes at home rather than in a bank account. Despite these difficulties, the withdrawal rates remain high – 3.5 trillion naira ($11.13 billion) between January and September 2016.
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