Cashless Policy: NAMA Automates Transactions With Airlines

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  • Cashless Policy: NAMA Automates Transactions With Airlines

The Nigerian Airspace Management Agency has said it will no longer take cash for services rendered to stakeholders in the industry, especially non-scheduled flight operators.

The agency, on Monday, said this was in a bid to ensure total compliance with the presidential directive on the implementation of Treasury Single Account.

At a sensitisation forum with agents and representatives of operators of non-scheduled flights, the Managing Director of NAMA, Capt. Fola Akinkuotu, said there would be no going back on the Federal Government’s cashless policy and that it was an executive pronouncement that demanded total compliance from all stakeholders.

Akinkuotu, while appealing to non-scheduled operators to embrace the new initiative as the entire world was going cashless, said the new system would yield positive results that would benefit the entire industry.

He said, “This is an innovation that would not only improve and sanitise the nation’s financial system but also ensure accountability and transparency in the long run. If we desire an aviation industry that is globally competitive, we have to imbibe global best practices.

“The associated risk and needless exposure associated with the old system of carrying cash around has ensured that it is no longer fashionable.”

He explained that as contained in the Federal Government’s directive, all financial transactions with the agency must be done through monetary transfers only, and into the NAMA TSA account domiciled with the Central Bank of Nigeria.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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