Niger Delta
CBN Cashless Policy Takes Off In A’Ibom, July
The Central Bank of Ni
geria (CBN) says its cashless policy will take off in Akwa Ibom State with effect from July 1.
The Acting Governor of CBN, Dr Sarah Alade, disclosed this at a three-day sensitisation seminar in Uyo recently.
She described the policy as “the best monetary option policy, but long overdue in Nigeria”.
Alade, represented by Acting Branch Controller of CBN in Uyo, Mr Okafor Nwokoro, said that the objective of the policy was to reduce cash payments and encourage electronic transactions in the country.
She said that the new policy stipulated a charge for cash withdrawals or deposits that were above N500, 000 for individuals or N3 million for corporate entities.
The acting CBN governor said that the policy commenced in Lagos, Ogun, Anambra, Rivers, Abia, Kano State and the FCT on July 1, 2013.
Alade said that the policy was introduced to discourage cash transactions across the economy and avoid the negative consequences, such as high cost of cash, high risk of using cash, high subsidy and informal economy.
She said that the net results of these setbacks were high cost of banking services, including credit, limited financial inclusion and limited access to credit.
Deputy Project Leader of the “Cashless Nigeria” programme in Abuja, Mr Eme Eleonu, highlighted the way forward for the policy to include electronic payments, saying that the E-payment channels were efficient, fast, safe, quick and convenient.
Eleonu listed some of the common e-payment channels to include ATMs, Mobile Banking/Payments, Internet Banking, Point-of-Sale (POS) terminals and Electronic Funds Transfer,
He advised Nigerians to have ATM/Debit card facilities to enhance their smooth cashless transactions.
On the part of governments, he stressed that the policy would increase tax collection, ensure greater financial inclusion and fast track economic development.
Some participants told our correspondent that the sensitisation seminar was very educative and laudable, but advised the apex bank to reach out to more Nigerians.
They also advised the CBN to “check and contain” some of the excesses of commercial banks.
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