Cash Payment to Decrease by 2025, CBN Claims

The Central Bank of Nigeria has indicated that cash payments will naturally decrease in 2025.

The apex bank made the indication in its Payments Vision 2025 document where it was revealed that the country aimed to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in all the sectors of the economy.

“The use of cash will naturally slow with the ‘mobile first generation’, which will be economically active by 2025, hence one of the focuses of the PSV 2025 is enhancing the cashless policy of the CBN”, the document stated.

The CBN document also stated that the Nigerian payment landscape has many options that have displaced cash in recent times, including electronic bill payment, mobile phone top-up, and mobile and instant payments.

“As we implement the PSV 2025 agenda, the CBN will continue to ensure that the Nigerian payments system is widely utilised domestically, supports government’s financial inclusion objectives, and meets international standards while contributing to overall national economic growth and development of Nigeria,” the bank said.

According to the Bank “The PSV 2025 will focus the attention of critical stakeholders on contemporary developments that will drive digital innovations and payment in the future, such as contactless payments, big data, and open banking.”

While charging all stakeholders to support the bank in executing initiatives under the PSV 2025 towards fostering an efficient and secure payments system, it said it would ensure a secure, reliable, and user-centric financial solution in compliance with international standards.

Meanwhile, The CBN Governor, Godwin Emefiele reiterated that the January 31st deadline for the exchange of old notes would not be extended.