Thursday, 19 July 2012

Cashless Policy to break traditional barriers hindering financial inclusion

The Central Bank of Nigeria says the cashless policy was introduced with the aim of breaking the traditional barriers hindering financial inclusion of  millions of Nigerians across the country.

The CBN Governor, Sanusi Lamido Sanusi ,who  gave the indication  in Akure  said an efficient and modern payment system has a  positively correlation  with economic development, as it serves as  a key enabler for economic growth.

The Governor explained that from the regulatory angle, the policy will also create an environment for more effective monetary policy implementation, create a more stable pricing system and curb the menace of inflation.

The governor, who as represented by a member of the CBN board,Prof Sam Olofin  noted that as part of the efforts to fulfil the mandate of the apex body, it has instituted a drastic review of payment system that would ensure that Nigeria ranks rank  among the top 20 economies in  the world, in line with the nation’s vision 2020 aspirations.

He revealed that  he CBN had commenced a financial inclusion programme that would bring at least 50 million more Nigerians into the formal banking system in the next eight years.

The cash-less policy of the CBN, among other cardinal strategies will help reduce the volume of cash in circulation, encourage electronic forms of transaction, as well as help achieve the bank’s objective of expanding, deepening and modernizing the payment system in Nigeria.

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