Cash­less pol­icy to com­mence in Sokoto July

Daily Trust - - NEWS - ‘Kick-Polio-Out’ vol­un­teers im­mu­niz­ing a child at Oni­panu Bus-Stop in La­gos yes­ter­day. From Rakiya A.Muham­mad, Sokoto NAN

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.

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