Ahead of the July 1 introduction of cashless policy in Kaduna and 29 other states, Governor Mukhtar Ramalan Yero of Kaduna state has urged the Central Bank of Nigeria (CBN) to ensure more bank branches in the rural areas and engage more rural people, women and farmers on the new policy.
Addressing a stakeholders’ forum on the cashless policy organised by CBN in Kaduna state yesterday, Yero, who was represented by the Commissioner for Finance, Malam Samaila Aliyu, urged the bank to prepare adequately to ensure success of the cashless policy.
He said: “The cashless policy starts on July 1, three months from now, Kaduna state don’t have too many bank branches; not all 23 local governments in Kaduna state have a bank branch.
“You need to engage critical stakeholders, mothers, farmers, people in the rural communities to make them understand the new policy. CBN should identify critical and key stakeholders and engage them to make the policy successful.”
Acting CBN Governor, Mrs Sarah Alade, said the cashless policy would provide safer and efficient alternatives of payment to bank customers, saying that there would be debit card prevalence to perform transactions on ATM, PoS and internet banking.
Alade, who was represented by the Kaduna branch controller of CBN, Mohammed Gusau, noted that the prevalence of debit cards operations through public infrastructures could become prone to cyber threats, adding that “CBN has gone ahead to safeguard the interest of Nigerians over the safety of the electronic cards by further fortifying the security features of the debit cards.”
She said the cashless policy would save the bank of huge cost of managing cash, reduce cost of banking services, improve effectiveness of monetary policy, foster transparency and curb corruption and leakages
The cashless policy is currently working in Lagos, FCT, Kano, Anambra, Abia, Ogun and Rivers states.
