Nigerians adopting CBN’s cashless policy

January 31, 2017 12:55 pm0 commentsViews: 11

Mobile money expo set for LagosLAGOS, (CAJ News) – THE marked increase in the volume of transactions via Point of Sale (PoS) is an indicator Nigerians are embracing the cashless policy launched by the central bank five years ago.
According to statistics disclosed by financial authorities, volume of transactions in the last quarter of 2016 grew by 34 percent quarter-on-quarter.
“This suggests that Nigerians are slowly but gradually embracing the cashless policy launched in 2012,” FBN Quest Research, the market watcher stated on Tuesday.
The analysts said given the increased traffic recorded on various e-payment platforms, it is safe to assume that the cashless policy has gained considerable traction within the banked economy.
“The policy is expected to enhance financial inclusion and reduce incidences of theft,” stated FBN Quest Research.
The Central Bank of Nigeria (CBN) established the policy to curb excesses in the handling of cash in the country.
It prescribed a cash handling charges on daily withdrawal above N500 000 (more than US$1 600) for individuals and N3 million for corporate organisations.
CAJ News

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