Why I came into the Payment System (Part 1) – Mr.Chris Ife (MD/CEO) Globasure Technologies Limited.

Gradually but steadily, Nigerians appear to be coming to terms with the gains of the cashless policy of the Central Bank of Nigeria,many companies has joined the cashless mission, some are to make the payment industry dormant and mostly regretted by individual banking customers, while others their missions is still untold.

Base on this issue at hand in the mission to Cashless Nigeria challenges and benefits, the MD/CEO Globasure Technologies Limited,  Mr Chris Ife, was visited by group of experts from CBN in his office at Lagos recently.

In summary, Globasure news updates gathers the following:

The cashless policy was aimed at reducing crime and boosting the economy of the nation. 

Mr Chris Ife explained that cash-fuelled vices like kidnapping, election malpractices and fraud would be reduced by the policy.

“Cash is an integral element that fuels several crimes in Nigeria; cash causes robbery, kidnapping and election rigging,’’ cash usage brought about high cost of cash handling and processing, revenue leakages, inefficient treasury management and corruption.

He said in order to reduce such heavy cash handling and its demerits, an alternative payment channels would have considerable positive impact on the economy.

What are the measures to tackle this ugly situation?

In tackling this ugly situations as mention above, Mr Chris Ife the MD/CEO Globasure Technologies Limited, express further, we got into the payment system to fight fraud,  high cost of cash handling and processing, revenue leakages, inefficient treasury management and corruption.

This was why Globasure Technologies Limited provide and deploy many channels like automated teller machine (ATM), Point of Sale (POS) – Ingenico brand,  mobile payment systems and internet banking, these devised to ensure heavy cash reduction in the system.

However, the policy had more to do with those individuals and corporate organisations handling from N500,000 to N1million daily or handling third party cheques above N150,000.

He said the policy was beneficial to Nigerians, especially those doing one business or the other to safeguard their business from fraud.