Lagos – The Electronic Payment Providers Association of Nigeria (E-PPAN) on Friday urged the Federal Government to enforce the cashless policy in the 36 states of the federation.
The association ‘s Executive Secretary, Mrs Regha Onajite, told the News Agency of Nigeria (NAN) in Lagos that the government had stalled the full implementation of the policy in the 36 states.
She said that six states are now paying cash handling charges for going above limits while the rest of the 30 were free, saying the infrastructure on the ground carry the current volume of business transactions
“There is nothing as strategic as a government bringing out a policy that affects the adoption of electronic payment.
“So, what I can advise is that the government should monitor and enforce the implementations of that policy.
“For the cashless policy, we find that the government have stalled its full implementation in the 36 states of Nigeria.
“So, six states of the federation are paying cash handling charges for going above daily limits while the remaining 30 state are free.
“It should be implemented in the 36 states. The infrastructure we have on ground can carry it.
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“And it will encourage further investment by the private sector, so the government should influence or implement cashless Nigeria in total in the 36 states.’’
According to her, with e-payment being effectively used across the country, incidents of money laundering will abate in addition to promoting transparency and accountability.
“We want the government to invest further in awareness creation.
“And I can tell you that if you can get the appropriate funding from government, from Central Bank, from other government agencies, we will go far.
“We also want all the government agencies to buy into it, and to just leave it to Central Bank alone because we have National Orientation Agency; they can’t work; the Ministry of Information can be a part of it for the benefit of everyone of us.
“With e-payment, money laundry is reduced, the anti-corruption campaign of government is easily achieved and there is more transparency and there is much accountability.’’
Onajite also said that cashless policy would improve the effectiveness of monetary policy in managing inflation and driving economic growth.
NAN reports that the Central Bank of Nigeria introduced a cashless transactions, in which a cash handling charge is paid on daily cash withdrawals.
The policy aims at reducing physical cash circulating in the economy and encourages more electronic-based transactions. (NAN)