[OPINION BY ADEBAYO ABUBAKAR] Cashless policy: If only cenbank is on the same page as deposit money banks, others | TheCable
year, has caused quite some stair, either through his statements or the intents and contexts of his policies.
He intended the policy to take effect from January 9, 2023. The CBN said the new withdrawal policy is a result of the need to complement the launch of the redesigned naira notes approved by President Muhammadu Buhari on November 23, 2022, to return the volume of physical cash that has been taken out of the banking system, and thus reduce the amount of money in circulation to tame inflation. That in itself did not come without generating a fair dose of public reactions.
The most interesting to me and most Nigerians is his policy of cashlessness which he postulates as having the capacity to curb kidnapping and banditry, as it is expected to make payment of ransom leave electronic footprints in its trail. This will, in turn, make it easy for security agents to track down the beneficiaries and facilitators of such illicit transactions.
The implementation of the cashless policy is one that has been suffering from multiple somersaults since the idea was muted years back. It is a fact that those who are unbanked in Nigeria are no fewer than 40% of our total population of over two hundred million. It was therefore confusing when the deposit money banks cultivated the habit of pilfering customers’ funds under the guise of frivolous, fictitious, and sometimes fraudulent service charges against customers’ accounts.
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