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.
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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