CBN canvasses support for Cashless Policy

Mr. Sanusi, CBN Governor

The Central Bank of Nigeria (CBN) has appealed to bank customers to adhere to the cash-less policy.
Deputy Governor, Operations, CBN, Mr. Tunde Lemo, made this appeal during the 30th anniversary ceremony of Ikeja District of the Institute of Chartered Accountants of Nigeria (ICAN) held in Lagos.

Lemo however acknowledged the need for more awareness on the policy.

Decrying the huge cash transaction volume, Lemo said an effective payment system would boost efficiency and enthrone transparency in the system.

Speaking further, he explained that the policy  was aimed at modernising the payment system in line with Federal Government’s Vision 20:2020 goals which aims to entrench Nigeria among the top 20 economies by the year 2020.

According to him, an efficient and modern payment system was positively correlated with economic development and growth respectively, adding that the policy would also help reduce cost of banking services.

Lemo reiterated that the choice of Lagos state for the pilot phase of the initiative was because it was largely known as the country’s commercial nerve centre.

“The policy is going to be beneficial in the area of internal revenue generation, economic growth and employment generation,” he added.