A
abujagirl
Guest
The Central Bank of Nigeria (CBN) says its cashless policy will take off in Akwa Ibom with effect from July 1,2014.
Dr Sarah Alade, made the disclosure on Wednesday in Uyo during a three-day sensitization seminar.
Alade, who was represented by Mr Okafor Nwokoro, Acting Branch Controller of CBN in Uyo, said that the objective of the policy was to reduce cash payments and encourage electronic transactions in the country.
She said that the new policy stipulated a charge for cash withdrawals or deposits that were above N500, 000 for individuals or N3 million for corporate entities.
The acting CBN governor said that the policy commenced in Lagos, Ogun, Anambra, Rivers, Abia, Kano State and the FCT on July 1, 2013.
Alade said that the policy was introduced to discourage cash transactions across the economy and avoid the negative consequences, such as high cost of cash, high risk of using cash, high subsidy and informal economy.
She said that the net results of these setbacks were high cost of banking services, including credit, limited financial inclusion and limited access to credit.
Mr Eme Eleonu, Deputy Project Leader of the "Cashless Nigeria'' programme in Abuja, highlighted the way forward for the policy to include electronic payments, saying that the E-payment channels were efficient, fast, safe, quick and convenient.
Eleonu listed some of the common e-payment channels to include ATMs, Mobile Banking/Payments, Internet Banking, Point-of-Sale (POS) terminals and Electronic Funds Transfer,
He advised Nigerians to have ATM/Debit card facilities to enhance their smooth cashless transactions.
On the part of governments, he stressed that the policy would increase tax collection, ensure greater financial inclusion and fast track economic development.
Dr Sarah Alade, made the disclosure on Wednesday in Uyo during a three-day sensitization seminar.
Alade, who was represented by Mr Okafor Nwokoro, Acting Branch Controller of CBN in Uyo, said that the objective of the policy was to reduce cash payments and encourage electronic transactions in the country.
She said that the new policy stipulated a charge for cash withdrawals or deposits that were above N500, 000 for individuals or N3 million for corporate entities.
The acting CBN governor said that the policy commenced in Lagos, Ogun, Anambra, Rivers, Abia, Kano State and the FCT on July 1, 2013.
Alade said that the policy was introduced to discourage cash transactions across the economy and avoid the negative consequences, such as high cost of cash, high risk of using cash, high subsidy and informal economy.
She said that the net results of these setbacks were high cost of banking services, including credit, limited financial inclusion and limited access to credit.
Mr Eme Eleonu, Deputy Project Leader of the "Cashless Nigeria'' programme in Abuja, highlighted the way forward for the policy to include electronic payments, saying that the E-payment channels were efficient, fast, safe, quick and convenient.
Eleonu listed some of the common e-payment channels to include ATMs, Mobile Banking/Payments, Internet Banking, Point-of-Sale (POS) terminals and Electronic Funds Transfer,
He advised Nigerians to have ATM/Debit card facilities to enhance their smooth cashless transactions.
On the part of governments, he stressed that the policy would increase tax collection, ensure greater financial inclusion and fast track economic development.