Markets

CBN, Access Bank Partner on Cashless Policy Awareness

  • CBN, Access Bank Partner on Cashless Policy Awareness

As part of efforts to promote awareness on the cashless policy, which was extended to the 30 remaining states of the federation recently, Access Bank Plc with the support of the Central Bank of Nigeria (CBN) recently sensitised some business operators on the benefits of the scheme.

The cashless policy engagement session was organised by Access Bank.

Speaking at the event, a Deputy Director in the Governor’s Office, CBN, Mr. Babatunde Ajiboye, described the cashless policy as a journey, saying that the policy was introduced in a bid to transform the payment system.

Ajiboye emphasised that handling cash is expensive and constitute quite a significant percentage of the cost that banks carry.

“And of course, that cost is passed on to customers in order for them to make profit. Of course, we need efficiency within our payment system. Of course, there is high security and safety risks, which we can’t elaborate too much on that.

“We know the level of insecurity we face in Nigeria today. And most of the insecurity that we face can be tied directly to cash. One of the the social crimes that we face is kidnapping, for instance. Once we bring in transparency into our payment system, it will also bring down the social evil that we face,” Ajiboye emphasised.

According to him, only about 10 per cent of Nigerian bank customers do cash transactions above N150,000 daily. He stressed that the aim of the cashless policy is certainly not to eliminate cash completel, but to reduce the amount of cash in the system.

On his part, the Executive Director, Commercial Banking, Access Bank, Mr. Roosevelt Ogbonna said the CBN and banks had put in a lot of resources towards making the cashless policy a success.

“For states where this has been entrenched over the last couple of years, we have seen the significant benefits and advantages it has brought to economic participants in those markets. I think what is clear is that this is a policy that has come to stay.

“So, as against fighting it, it is about learning what it means for our businesses and what we can do differently to take advantage of the opportunities it offers,” Ogbonna added.

He advised firms to ensure that they comply with the policy.

To the Managing Director, Accenture Financial Services Nigeria, Mrs. Toluleke Adenmosun, the cashless policy would help increase the volume of economic transactions in the financial system and also help in achieving efficiency in the payment system.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Discordant Tunes Greet 50% Tariff Hike As Subscribers Threaten To Sue NCC

Nigerians have expressed displeasure over the decision of the Nigerian Communications Commission to increase tariffs…

12 hours ago

Beatrice Ekweremadu Returns to Nigeria After Serving Sentence in UK

Mrs. Beatrice Ekweremadu, wife of former Deputy Senate President Senator Ike Ekweremadu, has reportedly returned…

13 hours ago

Nigeria Expands Refining Capacity with MRO Energy’s Delta State Refinery

The Federal Government has taken another step toward boosting Nigeria’s refining capacity with the approval…

13 hours ago

Eko DisCo Set for Transformation as Transgrid Enerco Signs Historic 60% Acquisition Agreement

Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to acquire a 60% equity…

13 hours ago

Metering Gap Exceeds 7 Million Despite Multilateral Loans and Government Funds

Despite interventions by the Federal Government and multilateral lenders amounting to over N1.5 trillion, Nigeria’s…

14 hours ago

Petrol Prices Surge to N990 in Abuja, N960 in Lagos as Oil Tops $80 Per Barrel

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at…

15 hours ago