THE Central Bank of Nigeria has reached an agreement with the E-Payment Providers Association of Nigeria E-PPAN to be their major partners in carrying out massive mobilisation and sensitisation of the grassroots as the cashless initiative moves to Abia, Anambra, Kano, Ogun, Rivers and the Federal Capital Territory. The mobilisation will include series of interactive sessions with non-organised markets, trade associations, Market leaders and other stakeholders.
According to the Executive Secretary of the association, Mrs. Onajite Regha, if the greater percentage of Nigeria’s population embraces the alternative forms of payment, the move to transform payment life style could be far-reaching, “ultimately bringing more of the money in circulation into the banking sector, lowering bank costs and improving the transmission of monetary policy.
She said further that the experience the association gathered during the cashless Lagos mobilisation, will also come to bear as they move out into the other states as the main purpose of the awareness campaign will be to educate the grass roots on the various alternatives to cash such as the Mobile Payment, PoS, internet banking, electronic transfer etc. She noted that the non-organised markets, trade associations, market leaders are very important entities in the economic value chain because of the large volume of cash transactions that they carry out on a daily basis.
“We will speak to them in the language they understand explaining the various benefits and convenience of the e-payment channels. We want to let them know that their mobile phones can do a lot more than answer phone calls and that using e-payment is safe, convenient and easy and also that it can help them build relationship with their financial institutions, giving them more opportunities to financial products, which is the whole essence of financial inclusion. Our overall goal is to win them over to the place where cash is no longer king,” she said.