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CBN partners NIGCOMSAT on internet access to facilitate cashless policy

05 March 2014, 21:30

Bauchi - The Central Bank of Nigeria (CBN) has concluded plans to partner with Nigerian Communication Satellite (NIGCOMSAT) for the provision of wireless internet service.

Aaron Yaduma, CBN’s Principal Manager, Shared Services, said that the measure was to give necessary push to cashless policy in the country.

Yaduma made this known in a paper titled: “Cash-less Policy, the Journey So Far”, presented at a three-day sensitisation workshop on CBN cashless policy in Bauchi.

He said that the effort was to address the internet connectivity problem, being one of the major challenges affecting the implementation and penetration of the cashless policy in the country.

"A tripartite MoU has been drafted for NIGCOMSAT, CBN and Nigerian Interbank Settlement System (NIBSS) for the provision of the Wi-Fi hotspots.

“If the partnership arrangement is concluded, we hope to connect every part of this country with internet service via Wi-Fi hotsport.

“We have already commence discussion with NIGCOMSAT to see how we can make General Packet Radio Service (GPRS) technology available in rural areas for the deployment of Point-Of-Sales (POS) terminals,’’ he said.

Yaduma said that the cashless policy was introduced in 2012 with the main objective of reducing the amount of physical cash circulating in the economy through the encouragement of more electronic-based transactions.


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