PHOTO: bbc
A financial technology company, Xpress Payment Solutions Limited, has said that for the Central Bank of Nigeria (CBN) cash-less policy to be successful, Agent Banking initiative must play a big role.
Speaking in Lagos at the DigitalPay Expo, Managing Director, Xpress Payment Solution Limited, Oluwadare Owolabi, said the payment system vision (2020) has not gained significant acceptance from Nigerians.
He explained that despite launch of the cash-less society policy since 2013, mobile money penetration in the country still stands at a paltry one per cent.
“Mobile money penetration in the country still stands at a paltry one per cent even after five years of operation, compared to penetration levels of 60 per cent and 40 per cent respectively for Kenya and Ghana (GSMA, 2018).”
Owolabi called on the government to encourage the Agent Banking initiative “by creating points where people can go to any time of the day to cash-in and cash-out, and as well pass transactions into the platform.”
According to him, usage of this policy will contribute 374 per cent growth to the economy, should political and socioeconomic factors be kept constant.
He opined that more awareness campaigns and commitment of Nigerians to the cash-less policy, will improve its penetrations across Nigeria.
The cash-less policy or Payment System Vision (2020) reduced time spent on banking activities is hardly the only benefit to consumers who rely more on digital payments. Automated electronic bill payments can help individuals eliminate late fees.
When people carry less cash, they are less susceptible to cash theft.
Source: G Business
