Cashless policy has come to stay – CBN

Abuja—The Central Bank of Nigeria, CBN, yesterday, declared that the impact of the newly introduced cashless policy on the flow of business transactions, using Lagos State as a pilot test had come to stay, as the POS machines in the system had increased from 5,000 to over 200,000 to date

CBN’s Deputy Governor Operations, Mr. Tunde Lemo, made the declaration in Lagos during Cash-less Policy Conference organized by the Lagos Chamber of Commerce and Industry, LCCI.

The Deputy Governor explained that the apex bank had put in place necessary machineries to ensure that issuance of ATM cards was done within couple of hours, unlike now that it takes several days to get the cards.

Represented by Mr. Aaron Yaduma, CBN’s Share Services Officer,  he said: “Responses on impact of the newly introduced cashless policy on the flow of business transactions with Lagos state as our pilot test for the take-off is yielding positive results as the OPS machines in use for the take-off programmes have increased from 5,000 to over 200,000 to date”