Cashless Policy: Dream Still Far From Reality

In what can best be described as an attempt to broaden the scope of electronic payments for goods and services, five states and the FCT are set to join Lagos which adopted the cashless initiative last year, owing to the high level of commercial activities and cash deposits they record.

On its part, the Central Bank of Nigeria, CBN, disclosed that the expanded cashless initiative would include Aba (Abia State), Onitsha (Anambra State), Kano (Kano State), Port Harcourt (Rivers State), Abeokuta/Agbara (Ogun State) and the Federal Capital Territory, Abuja. Indeed, the trend, which has for long been embraced by the industrialised European countries and the USA, is yet to fully gain ground in Nigeria. But the CBN, which is the main driver of the effort, explains that it is aimed at reducing the heavy volume of paper money or cash in the economic system.