The Nigerian cashless policy is a government initiative aimed at reducing the use of cash transactions in the country and increasing the use of electronic payment systems. The policy was introduced by the Central Bank of Nigeria (CBN) in 2012 and seeks to promote financial inclusion and reduce the cost of handling cash.
Under the cashless policy, individuals and businesses can make transactions using a range of electronic payment methods, including credit cards, debit cards, mobile wallets, and internet banking. The policy also provides incentives for individuals and businesses who adopt electronic payment methods, such as lower transaction fees and improved security.
The benefits of the cashless policy for Nigeria include reduced costs for banks, improved security for individuals and businesses, and increased financial inclusion for people who previously had limited access to banking services.
However, the implementation of the cashless policy has not been without its challenges. One of the biggest challenges has been ensuring that a sufficient infrastructure is in place to support electronic payment methods, particularly in rural areas. Additionally, there are concerns about the security of electronic payment methods and the need to educate individuals and businesses about the benefits of using them.
Despite these challenges, the Nigerian government and the CBN remain committed to the cashless policy and are working to promote its adoption and implementation across the country.