Sensitization on Cashless Policy

By Ifeanyi Okafor

The FCT Stakeholders Sensitization on the Cashless Policy follows the need to improve the efficiency of payment systems to all facets of business in Nigeria.

This reform became imperative due to heavy cash oriented transactions on goods and services in Nigeria which is not in conformity with global trends.

The Central Bank of Nigeria says it has so far licensed mobile scheme operators and issued guidelines and the framework for operations. The Apex Bank is currently working on Biometric authentication for POS and ATMs to address safety of customer funds. This is as the enlightenment campaign steps up.

Stakeholders believe there will be a marginal drop in the escalating cash management cost estimated at 192 billion naira in 2012, while Bank charges and lending rates previously on the high side would drastically reduce.

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