The Central Bank of Nigeria’s cashless policy campaign is finally beginning to bear fruit in Nigeria. The Minister of Transport, Senator Idris Umar recently commended the management of the Nigerian Ports Authority (NPA) for introducing an electronic payment solution for all business transactions in the nation’s seaports.
The NPA Executive Director Finance and Administration, Mr Olumide Oduntan told Senator Umar that the decision to deploy an electronic payment solution was in order to improve operational efficiency in Nigerian seaports. Before the system was implemented, Payment confirmation used to take between three to five days but now confirmation is made on the day payment is carried out.
All Nigerian government organizations that haven’t yet implemented a cashless payment system should learn from the story of the NPA and use the success of their electronic payment solution as a benchmark for embarking on their own transition.