The Governor of Central Bank of Nigeria , Mr. Godwin Emefiele, has unveiled plan to extend the cashless policy nationwide almost two years after the policy was halted.
According to him, his predecessor, the Emir of Kano, Alhaji Muhammadu Sanusi II, had introduced the policy, but the CBN under his leadership was not certain about the rate of financial inclusion and penetration in the country.“We had to wait a while because we felt that there was need to be sure that the rate of financial inclusion in Nigeria has effectively penetrated all the nooks and crannies of the country for us to be able to say yes, it is time to really proceed on cashless banking.
Emefiele explained that one key area that would affect the growth of the banking system was ensuring that majority of Nigerians have verifiable means of identification such as Biometric Verification Number or national identity. “The risk-based approach ensures proper designation of payment systems in the country based on systemic importance and ensures that accessing such payment at primary and secondary levels are premised on clear access criteria, notwithstanding concerns on the rise of fintechs, and the use of crypto currencies; currently usage stands at total asset base of the banking industry.
B4 we consider full caseless society, let's recollect dat it takes a month or 2 for cash decline on POS to be reversed. Policies must be created to ensure 24 hours or at most hours reversal b4 will create a policy that stagnates d economy instead of moving it forward. cenbank
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