A total of N64 billion ($400 million) has been transferred via Nigeria’s mobile banking systems in the past year boosting the country’s growing cashless movement, says Nigeria’s central bank.

Revealing the statistics, Central Bank of Nigeria (CBN) deputy governor for operations, Tunde Lemo, said 60% of these transactions were conducted in the past three months.

Lemo said this points to growing uptake of cashless transactions in Nigeria. CBN promotes the use of cards and mobile phone transactions to transform the country's banking sector.

Moreover, addressing participants at the beginning of the ‘Cashless Conference’ in Lagos, Lemo added that a total of 170,000 point-of-sale (POS) terminals have been deployed by banks to merchant locations as of early June.

More than 10,000 automated teller machines (ATMs) with capabilities to enable bill payments, fund transfers and virtual top-ups have also been deployed in and outside banks across the country, said Lemo.

Lemo said that more merchants are also signing up to offer services on their portals and accept web payments.

"Airlines, hotels, telecommunication companies, government institutions, among others, are making concrete and concerted efforts in this direction,” said Lemo.

"The use of the electronic shopping malls is fast gaining traction in Nigeria. This is highly commendable and must be strongly supported,” said Lemo.