Cashless policy to commence in Sokoto July
The Central Bank of Nigeria (CBN) said yesterday that it would commence the cashless policy in Sokoto State on July 1, stressing that the policy would among other things reduce security / safety risks and modernize Nigeria’s payment system.
Speaking at a stakeholders’ forum on “Cashless Nigeria Sensitization”, the CBN acting governor, Mrs. Sarah Alade, said the policy was also meant to improve effectiveness of the monetary policy in the country.
The acting CBN governor, who was represented by the Branch Controller in Sokoto, Alhaji Mohammed Idris, said the policy will also foster transparency and curb corruption and leakages.
In a presentation on New Payment Systems, the Head, Shared Services Office,CBN, Mr. Chidi Umeano, who was represented by Alhaji Hamisu Abdullahi, said implementation of the policy across the nation will entail significant collaboration among key stakeholders.
He described cash as an integral element that fuels several vices in Nigeria, adding that alternative payment channels will have considerable positive consequences on the economy.
Among such channels, he noted is the POS, multi-functional ATMs, mobile payments, internet banking, electronic funds transfer and direct debit.