ASSESSING NIGERIA MOVE TO CASHLESS ECONOMY

A full page analysis in ThisDay newspaper examines Nigeria’s journey to a cashless society, which is basically aimed at reducing the use of cash in the country. According to the report, despite some hiccups suffered by the cashless policy since its introduction in Lagos State January this year, there is a general consensus that Nigeria’s transition to a cashless society is essential for the country’s economic transformation. This, according to experts, will bring about efficiency in the payment system. The experts, who spoke at a two-day conference tagged: ‘Nigeria Transiting to a Cashless Society: Possibilities and Challenges,’ expressed optimism that the cashless policy will go a long way in bringing a lot of people into the banking system. The conference, which took place in Lagos, was organised by De Novo (a strategy brand and media firm) and Legal Reach, a UK-based law firm, and sponsored by the Central Bank of Nigeria (CBN). Senior Payment System Expert in Payment Systems Development Group at the World Bank, Ceu Pereira, who spoke at the conference, advised the CBN and other stakeholders on the project to take issues about consumer protection very serious. But Pereira expressed satisfaction over the recent creation of a Consumer Protection Department at the CBN. She stressed that the cashless policy has been a very effective tool used by a lot of countries to foster financial inclusion. But the Director, Tele-Banking, Globacom, Mr. Tunde Kuponiyi, stressed the need for a review of the mobile money framework such that it will allow operators to have increased role in the delivery of mobile money services.

Source: ThisDay