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CBN rolls out gains of cashless policy

The Central Bank of Nigeria has called for concerted effort in education of the public over the gains of its cashless policy.

The Deputy Governor, Operations of the CBN, Mr. Folashodun Shonubi made the call in a message to the annual lecture of the FCT Cash Managers Forum in Abuja.

Represented by the Director, Branch operations, Mr. Musibau Olatinwo, he said such enlightenment was necessary to achieve the buy-in of all stakeholders in the project
He expressed the apex bank’s commitment to reducing cash in the financial system in view of its multiple benefits to the economy.

The Head, Shared Services of the CBN, Mr Chidi Umeano who delivered the lecture said the large size of the nation’s informal sector was responsible for the prevalent cash culture and expressed the hope that the cashless policy would help to formalize many small businesses.

He said since the inception of the policy in 2012, many people had embraced alternative payment channels, leading to higher efficiency, lower security risks and cost associated with cash handling.

Mr. Umeano said the bank was optimistic of a successful national implementation of the cashless policy by the second quarter of the year.

The Chairman, FCT Cash Mangers Forum, Dr. Francis Amagwu said the theme of its inaugural lecture, Cashless Society and E-Banking, Progress, Challenges and Prospects’ was timely in view of the nationwide roll out of the policy.

He pledged the Forum’s continued engagement with stakeholders for the benefit of the financial system.


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