Cashless Policy: Ogun, others for second phase, no regrets by CBN

The Central Bank of Nigeria (CBN) on Wednesday justified the rationale behind picking Ogun State, four other states, Rivers, Abia, Anambra, Kano, and Abuja for the second phase project of cashless policy, saying Ogun State government had started the cashless financial project in its ministries, departments and agencies before CBN introduced it in the state.

Tunde Lemo, the deputy governor, operations (CBN), disclosed that the move to reduce cash flow in the Nigerian economy had earlier been introduced and in operations in Ogun State before CBN could think about it. He added that the state government’s move and introduction of cashless policy prompted the apex bank to incorporate the state in the second phase project.

Lemo, represented by Eleonu Eme, deputy project link, shared services of CBN, said that the apex bank in conjunction with Ogun State government had concluded plans to partner NigComsat for the creation of ten internet-enabled locations in the state that will provide free internet services for the effective operation of cashless policy and mobile banking.

He revealed that over 150,000 Point of Sales (PoS) had so far been distributed and in operation across the country, while over 185,000 merchants had applied for PoS and the Central Bank of Nigeria (CBN) would soon approve and distribute them.

The deputy governor, who delivered a presentation at the sensitisation/awareness programme for the July take-off of cashless policy in Ogun State held at the Cultural Centre, Abeokuta, said that the apex bank was about to partner Nigeria Postal Service (NIPOST) for mobile agency network, using NIPOST as agent for mobile money, including Globasure’s SerVpoint, and other financial services.