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Embrace cashless policy to curb corruption – Acting CBN Governor

By BusinessNews Staff on March 13, 2014

ACTING-governor of Central Bank of Nigeria, CBN, Mrs. Sarah Alade, yesterday, urged stakeholders to sincerely embrace the cashless policy of the bank, so as to curb corruption in Nigeria and meet the vision 2020 requirement, which according to her, will modernise the country’s payment system.

She spoke in Benin City, Edo State, during a sensitisation meeting on the bank’s cashless policy with stakeholders.

The CBN boss, who was represented by Mr. Victor Omoyibo, recalled that the cashless policy of the apex bank was introduced to improve effective monetary policy, reduce high security and safety risk, foster transparency and curb corruption, noting that while CBN was doing its best to implement the policy, cooperation among stakeholders was required to ensure its success.

Disclosing that the business community was gradually adapting to the policy, she said: “ We are also enlarging the financial contact points to include such places as post offices, motor parks and corner shops. The legal frame work needed to support this policy is also before the National Assembly and we will fortify the implementation once ascent is received.”

On efforts to check electronic fraud, Mrs Alade said that “the country’s electronic fraud forum has been inaugurated to ensure that the level of awareness and vulnerability that exist on the e-channels is raised.

“Exchange of fraud information among institutions has also been encouraged with the view that the system is only as strong as our weakest link. Today, we embark on a journey to reposition our financial system to address current challenges faced and transform Nigeria into a first world economy,” she added.

[Vanguard]

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