Bank Directors Brainstorm Strategies for Successful Cashless Policy Implementation

Non-executive bank directors under the aegis of Bank Directors Association of Nigeria (BDAN) has called on stakeholders to ensure the successful implementation of the Central Bank of Nigeria’s (CBN) cashless policy by being patient and ensuring adequate promotion for sensitizing the general populace.

A statement released by the association yesterday, reads “We advise that the policy be patiently implemented. As laudable and desirable as it is to have an economy dominated by electronic payment, the enormity and profundity of the impact of the policy and the dramatic changes in the way of life the cash-less policy would engender requires patient implementation to ensure the objectives are achieved.”

“The cash-less policy is a laudable initiative with a lot of benefits to members of the banking public and the banking industry, and we are fully in support of the policy. We are however, of the opinion that in addition to all the preparation for the successful implementation of the policy, it would be necessary to do regular assessment and review at short intervals.

“This would enable the CBN, banks and other stakeholders to quickly identify and address issues that arise during the implementation. This would bring a lot of flexibility in the implementation as well as ensure improvement on an ongoing basis. Such periodic assessment can be assigned to a group comprising banks, electronic payment service providers, merchants and consumer groups, with access provided to members of the banking public for complaints and information.”

The association also called upon the utilization of popular mass media platforms to promote the new mode of transacting business stating, ““It is our opinion that these efforts can be well improved upon to facilitate understanding and acceptability of the policy. For example, the publicity messages should be more detailed in terms of specific aspects of the policy instead of just telling the public to shift from cash to electronic payment. Also the popular TV and radio programmes like soap operas, football matches etc should be used in the publicity campaign.”

One Comment

1. 

   Anonymous

   February 22, 2012 at 3:17 pm

   FIRST KILL ALL THE BANK RATS .

   AND ALL WILL BE FINE