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CBN restates plan to extend cashless policy nationwide

By BusinessNews Staff on February 28, 2014

The Central Bank of Nigeria (CBN) Acting Governor, Dr. Sarah Alade, Wednesday said the bankers’ committee will not rescind on the plan to extend the cashless policy to other states in the country from July 1.

She insisted that since almost all Nigerian adults, even in the rural areas can boast of mobile phones, cashless policy would be at the reach of everyone.

Alade stated this in Yenagoa while unveiling new security policies to protect bank customers and the business community against electronic fraud, adding that the new strategy would fortify the nation’s economic and financial policies.

The cashless policy was introduced in Lagos in 2012 and thereafter, was extended to Ogun, Rivers, Anambra, Abia, Kano states as well as the Federal Capital Territory last July.

Alade stressed that though the cashless policy has recorded huge acceptance in the six states it had been implemented as well as the Federal Capital Territory, the policy would be introduced to the remaining 30 states including Bayelsa by July.
The acting CBN governor was represented by the Bayelsa Branch Controller of the Bank, Mr.Basil Udou-Tun at the sensitisation exercise for stakeholders on cashless policy.

“While the CBN is playing a leading role in the development and implementation of this policy, the cooperation among the respective stakeholders is extremely important if we are to ensure the improved efficiency of Nigeria’s payment system to contribute to the country’s economic and social development through increased financial resources,” she added.

In his presentation, the representative of the Head of Shared Services Office, CBN, Mr. Chidi Umeano, who was represented by Mr. Ene Eleonu, said the policy which is aimed at reducing the dominance of cash in the system, would focus more on the use of mobile payment through the use of mobile phones and other alternative banking channels.

He assured customers in Yenagoa that the security measures had been put in place by the central bank to ensure minimal fraud, especially with the migration of ATMs from swipe card system to chips.

“The card related crimes will come to zero,” he added.

On the issuance of dud cheques, he noted that the CBN has intensify calls on the authorities of the Nigeria Police Force and the Economic and Financial Crimes Commission(EFCC) to arrest and prosecute issuers of dud cheques as the required legal framework for indictment has been put in place.

[This Day]

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