Cashless Policy Will Not End Cash Transactions in Nigeria – CBN

The Central Bank of Nigeria (CBN) has said its cashless policy will not eliminate the use of cash for payments in Nigeria.

Sarah Alade, acting governor of the bank, said at a cashless policy sensitisation exercise held in Ilorin, Kwara state, the cashless policy would only reduce the volume of cash transactions in Nigeria.

Alade said Nigerians in the rural areas and others with less than NGN500,000 (US$3,000) daily transactions will not be seriously affected by the policy, and announced the policy will become effective in Kwara from July 1, as in the other states of the country.

“We are also enlarging the financial contact points to include areas such as post offices, motor parks and corner shops,” she said.

“Apart from this sensitisation programme, there is going to be a road show to markets, motor parks and all parts of the state. We want to ensure that everybody in the nooks and crannies of the state gets to know how to make use of this policy, how they can stop carrying cash about,” CBN controller in Ilorin, Monday Olotewo, said.

“You see in places like Kenya, it is established that even cattle sellers can transact business without going to the bank through the phone. What you only need is the account number of the person you want to send money to and before you know it, the transaction is almost completed.”

Originally Published on Human IPO

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