US-based global payment processor, MasterCard, has forecasted that the planned launch of the central bank’s cashless policy will cut down cash transactions by 70% in the country.
The new initiative will be launched across the nation.
Go deeper with GlobalData
MasterCard West Africa vice-president and area business head Omokehinde Ojomuyide said that the planned initiative has been crafted to reduce cash flow and not eliminate it completely.
She further stated that said the volume of electronic cash transfers has increased in recent times and that the challenges of accessing funds by the unbanked have reduced since the introduction of cashless policy in selected states in 2012.
"Some financial institutions engaged by CBN are currently taking the cashless initiative to the nooks and crannies of the country, to raise awareness on cashless economy among Nigerians living in the urban and rural areas, in preparation for the nationwide launch of the initiative," Ojomuyide added.
This is commendable and will further deepen the adoption of cashless by Nigerians," she explained.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn order to make the planned initiative successful, MasterCard, Nigeria Inter Bank Settlement Scheme (NIBSS), and several firm and financial groups have decided to cooperate each-other.
This will also enable Nigeria to realize its ambitious plan of financial inclusion for , both in the rural and urban communities.
