CBN Calls on Rivers People to Embrace Cashless Policy

PORT HARCOURT – The Deputy Project Leader of the Central Bank’s cashless policy, Eme Eleonu has urged the people of Rivers state to embrace the cashless policy to improve its effectiveness and ensure economic growth.

He made the call during a seminar on Rivers Cashless Policy on Friday in Port Harcourt.

Eleonu said that the central bank had initiated the policy on cash transactions in excess of N500, 000 and N3 million for individuals and corporate bodies, respectively.

“The aim is to drive development and modernize payment systems in Nigeria in line with vision of being among the top 20 economies by the year 2020.

“There are so many new channels in the policy to check fraud in banks and to reduce risks.

“These include Automated Teller Machine (ATM) and Point Of Sale devises (POS).

“With your ATM card and POS, you can deposit your cash, transfer airtime to your phone and check your balance and your money is safe,’’ he said.

Cashless policyEleonu said that the CBN would soon introduce finger print verification for customers which would enable the bank to identify the rightful owner of an account to reduce fraud.

He urged Rivers people to use their mobile phones for cash transaction to avoid getting stranded by the ATM network.

Eleonu gave assurance to customers of the safety of their cash even if they misplace or are robbed of their phones.”
Chris Okorie, a banker from the First Bank of Nigeria Plc, also encouraged Rivers residents to adopt the cashless policy to reduce the risks of moving cash.

“You can open an account with your phone without going to the bank with a copy of your utility bill or passport photograph.

He also encouraged ministries and corporate organisations to embrace Internet banking to reduce the risk of moving bulk cash to the office or site.

Julie Uzo, a staff of the State Ministry of Education, urged banks to be efficient in their service delivery.

Uzo also urged them to expand their network base to a size that would accommodate their various services to reduce, if not eliminate, the frustration Nigerians go through while paying or withdrawing cash.

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