Tuesday, 13 August 2013

CBN, stakeholders meet on cashless policy

Central Bank of Nigeria met with banks and Bureau de change operators on the urge to sentisitise their customers on the cashless policy.
Deputy Governor in CBN, Mr. Tunde Lemo, revealed to the audience that it was time the nation updated it payment system to enhance global competitiveness.
Lemo said the effectiveness of the policy would depend largely on the collaboration of all stakeholders and the government. “Some of the benefits include safety of cash from robbers, electoral malpractice and the promotion of financial inclusion.
“Others are the reduction in cost of credit, transparency and it curbs corruption and leakages,” the CBN chief said at the forum. Lemo was represented by Babatunde Ajiboye, a Deputy Manager in the bank.
Earlier, Mazi Azubuike Okoro, the Branch Controller of CBN in Awka, said that Anambra was strategic because of her high commercial activities. Okoro said the policy was also a good option for the people in view of the high volume of cash transactions in the state.
The News Agency of Nigeria recalls that the cashless policy, which was earlier scheduled to begin in Anambra and five other states on July 1, was rescheduled till October 1.