Implement cashless policy in phases, Reps tell CBN. June 28, 2013 Motion, News No Comments The House of Representatives in Abuja, Yesterday being Thursday 27th of June 2013, urged the Central Bank of Nigeria (CBN) to implement the cashless policy in phases. It also urged the apex bank to remove the charges or limits on daily cumulative withdrawals and deposits to encourage small businesses. The House further called on the CBN and commercial banks to take the security of customers’ transactions seriously. This resolution is sequel to the adoption of a motion moved by Honourable Yakubu Dogara (PDP-Bauchi) and 38 other members. Leading the debate, Dogara said the policy could save costs in the financial sector but did not imply real sector growth. According to him, the majority of retail and commercial payments are made in cash from a large percentage of the population who do not operate bank accounts. He noted that the CBN had not achieved the needed 40 per cent expansion of Automated Teller Machines (ATM). “Financial infrastructure in Nigeria is grossly inadequate to meet the demands of a cashless society,” he said. The legislator said that low level of literacy and the absence of constant power supply would discourage Nigerians from embracing the policy. Honourable Aisha Ahmed (PDP-Adamawa) said Nigerians had been variously defrauded of millions of Naira through electronic transactions. Honourable Albert Sam-Tsokwa (PDP-Taraba), who supported the motion, lauded the policy but said it was premature to introduce it to the society. He said that most communities in the country lacked banking facilities that were designed to implement the policy. Honourable Emmanuel Jime (PDP-Benue), said: “every new policy will normally come with challenges, are we afraid of innovations?” Honourable Peter Akpatason (ACN-Edo) said if the policy was truncated, activities of money launderers and sponsors of criminals would increase. Globasure Globasure is a provider of simple, smart payment solutions. Request a free consultation We provide end to end payment solutions. Contact Us More from our blog See all posts A Traveler’s Guide to Roaming SIM Cards: How Do They Work? Traveling abroad is a thrilling experience filled with new sights, sounds, and… Continue reading How to Choose the Right Roaming SIM for Your International Trip When traveling internationally, it's important to have a reliable way to stay… Continue reading Tips for using a roaming SIM If you're planning to travel internationally, using a roaming SIM can be… Continue reading Roaming SIM vs. Local SIM: Navigating Connectivity Abroad Traveling abroad has become an integral part of our lives, whether for… Continue reading Artificial Intelligence And Machine Learning In Digital Banking The future of digital banking is exciting! As more people use their… Continue reading How Roaming SIM Cards Revolutionize Global Connectivity In today's interconnected world, staying connected while traveling abroad is essential. Roaming… Continue reading The Rise of Mobile Payment Platforms: Shaping a Cashless Future Mobile payment platforms have witnessed a meteoric rise in recent years, revolutionizing… Continue reading Top 10 Nigerian Tech Deals That Made The News In 2022 Even though there was a global economic heartbreak that went on last… Continue reading Prev. Post All Posts Next Post [easy-share counters=1 counter_pos="inside" native="no" hide_total="yes" fullwidth="yes" fullwidth_fix="100"] No Comments Recent Posts A Traveler’s Guide to Roaming SIM Cards: How Do They Work? October 16, 2023 How to Choose the Right Roaming SIM for Your International Trip October 10, 2023 Tips for using a roaming SIM October 3, 2023 All Website TagsAccess bank agency banking algorithms anchor text art back-links bill paymet branding cashless cashless policy cbn Chris Ife content corporate corporate messaging credibility dream-theme emphasis eNaira evolution fast track banking flat gift cards globasure globasure mobile money globasure smart roaming GlosoftPOS GlosoftPOS on PAX google apps GROAM GROAM deployed in Unity Bank gtbank ingenico keywords life nibss nigeria payalat roaming SIM seo strategy ServPoint stamp duty themeforest VAT wordpress Leave a Comment cancel Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.