CBN Cashless Policy Will Reduce Corruption – Gov Amaechi

Rotimi-Amaechi 600Governor Rotimi Chibuike of Rivers State has declared support for the cashless policy of the Central Bank of Nigeria (CBN) scheduled to go live in Rivers and five other States July 1, 2013, stressing that the policy will curb corruption in Nigeria.
He made the declaration while playing host to the CBN Deputy Governor Operations, Mr. Tunde Lemo and his team, who were at the Rivers State Governor’s Lodge, Abuja, as part of the Bank’s sensitization programme ahead of the commencement of the policy in Rivers.
According to him, his support for the cashless policy stemmed from his conviction that the policy, as designed, would reduce the volume of physical cash in circulation, thereby narrowing the window of corruption.
“The CBN and its Governor (Sanusi) have my 100 per cent support if they are putting in place policies that will curtail unfettered access to the assets of Nigeria,” he stated.
Mr. , however, emphasized the need to fast-track the roll out of the policy across other States of the Federation in order uniformity and a level-playing field for all.
Speaking further, the Governor pointed out certain peculiarities, particularly in coastal communities of Rivers State, which he noted would pose huge challenges to the success of the policy. While disclosing that the Rivers State government had made efforts to provide infrastructure to link the riverine communities with the mainland, he expressed the view that the ordinary fisherman in these communities would still need to be fully educated in order to embrace the policy.
The Rivers helmsman therefore urged the CBN to increase the tempo of its campaign for behavioral change among the banking public as well as ensure that the necessary banking infrastructure are put in place that the populace is not short-changed.
In his remarks, the DG Operations assured Governor of the Bank’s commitment to increase the number of cashless platforms as well as improve available infrastructure in order to meet the of and ensure the success of the policy.
Mr. Lemo, while explaining the benefits of the cashless policy, emphasized that the policy did not in any way denote a zero cash policy. According to him, the policy aims to modernize the Nigerian economy and reduce the volume of cash used for business, through shared services among Deposit Money Banks (DMBs).
Taking the Governor through a presentation, Lemo said the policy had recorded success in Lagos and other climes where the cash volume in the economy is low. He added that the volume of cash transactions necessitated the choice of Rivers and five States, including the Federal Capital Territory (), to go live with the cashless policy next week.
He, however, disclosed that the CBN was working conscientiously that the policy spreads to the remaining States in the third phase of implementation, which is expected to commence soon.
the concerns raised by the Governor the workability of the policy in the remote coastal communities of Rivers State, Mr. Lemo explained that are currently registered mobile money operators and agents who have the mandate of distributing cash to such areas. He further explained that with mobile telephony and prepaid cards, people need not be account holders to enjoy banking services. The CBN Deputy Governor however said the Bank had put in place measure to address certain exceptions that bordered and availability of technology.
Mr. Tunde Lemo was accompanied on the visit by the Director, Corporate Communications, Mr. Ugochukwu Okoroafor, the Head of Bank’s Shared Services, Chidi Umeano and other champions of the Cashless Project in the Bank.

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