The Manufacturers Association of Nigeria (MAN), the umbrella body of manufacturers in the country has expressed satisfaction with the level of preparedness by United Bank for Africa (UBA) Plc in support of the new cash-lite policy of the Central Bank of Nigeria (CBN), urging that more efforts be put in place to ensure that seeming challenges from e-platforms are mitigated.
This was disclosed in Lagos on Thursday during a presentation by the United Bank for Africa (UBA) Plc to the manufacturers on the Cash-lite initiative at the Quarterly Annual Conference of the Association at the MAN House, Ikeja Lagos.
In a presentation entitled “Overview of Cashless Lagos” Mr. Luqman Balogun, UBA Divisional Head, e- Banking & Retail Liabilities, said the Cash-lite policy of the Central Bank of Nigeria (CBN) was one of the transformation initiatives of the Payment System Vision 2020 (PSV 2020), which seeks to create a more efficient payment system, as a necessary tool for economic growth.
Balogun said that the main thrust of the Cash-lite initiative was to drastically reduce cash-based transactions in Nigeria and move such cash transactions to electronic channels.
He said, UBA Products tailored to specific needs of the customers were made up of; Virtual Banking including, U-Mobile and U-Direct, Payment Collections Products including, Pay Manager, Bank Collect, U-Pay-U-Pay Connect, Consolidated Internet Gateway and POSs/cards/ATMs.
Responding on behalf of the manufactures, MAN President, Chief Kola Jamodu, commended UBA Plc for sheding light on the initiative but tasked the bank to ensure that transactions on its e-platforms were seamless. “We are not unmindful of the seeming challenges associated with e-banking products, it is our hope your bank will do more to forestall any issue as a result” he said.