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CBN lauded on postponement of cash-less policy

01 August 2012, 09:56

Lagos - Financial experts have lauded CBN’s decision to postpone the nationwide takeoff of the automated cash-less policy to January 1, 2013.

The financial experts made the commendation on Tuesday in Lagos.

They said that the shift in the inauguration date would afford CBN time to create the needed infrastructure for the smooth operation of the policy nationwide.

They said that the current test run of the policy in Lagos had provided the needed platform for the evaluation of automated cash-less policy.

Mr Oluyombo Onafowokan, a lecturer, Department of Financial Studies, Redeemed University, commended lauded CBN’s decision to postpone the nationwide take-off of the automated cash-less transactions.

Onafowokan,who described the postponement as a healthy development, said that it would assist in ratifying some lapses in the policy.

He said that the poor power generation which made network connectivity difficult was the major challenge of the cash-less policy.

He said that contrary to other opinions, sustainable electricity remained the key toward actualising set goals of the policy in Lagos and another parts of the country.

``Lack of adequate power supply is an impediment to the success of the policy in Lagos and other parts of the country.

``Government must be proactive in tackling the problem,” he said.

Onafowokan also urged CBN to increase the nationwide awareness campaign on the policy, stressing that the citizenry should be given time to buy into automated transactions.

He said that the lack of confidence by Nigerians in the financial system and their recorded losses in the capital market had impacted negatively on the policy.

``The ability of CBN to restore confidence in the banking sector and commencement of a sustainable rural banking will boost the policy,” he said.

Samuel Nzekwe, immediate past president, Association of National Accountants of Nigeria (ANAN) said that the postponement was a good decision due to the absence of infrastructures and public enlightenment was needed to drive the policy.

Nzekwe said that the postponement was an admission by CBN that the policy should be gradual in the nation’s desire to develop the financial system.

He said that CBN should also work on effective clearing system that would supplement the connectivity challenges.

He said that Nigerians avoidance of cheque for business transition was due to lack of confidence in the system and the time it took for clearance and payment.

 ``The ability of the regulator to reduce the cheque clearing from three days to two days will help to restore stakeholders’ confidence and enhance the cash-less policy,” he said.

NAN recalls that the CBN had on April 1, inaugurated the cash-less policy on experimental basis in Lagos. (NAN)


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