Nigerian banks are reaping the benefits of the cashless policy as it reduced their operating expenses by 35 percent, the Central Bank of Nigeria (CBN) has revealed.The idea is that the cashless policy’s impact will reduce the number of cash transactions that are currently being processed at bank branches and hence also reduce the operating cost of these banks because banks won’t need to have large number of tellers on duty any more.
The amount of cash to be counted would be reduced; the amount of bullion vans that banks currently put on the road would be reduced. That is why it is imperative for all banks to invest in internet banking. Every account that we open should come with an internet banking facility.
If customers don’t have an internet access, they can use their ATM cards for making payments and with mobile banking, people can carry out transactions from any remote location. The financial benefits being experienced by the banking section because of the cashless policy will definitely have a ripple effect and benefit other industries in the Nigerian market.