Lagos Ready For A Cashless Economy -Adefulire


The Deputy Governor of Lagos State, Mrs Adejoke Orelope Adefulire, has stated that the choice of Lagos state to run the pilot scheme of the cashless economy in

Nigeria is an acknowledgement of the unique position that the state occupies in the socio-economic development of Nigeria and the

West African sub-region and hinted that it is equally ready for the new development.

Speaking at the year 2011 Corporate dinner of the Association of Professional Women Bankers (APWB) with the theme: “The effect of cashless policy on financial institutions and the economy,” yesterday, she added that Lagos which is the economic nerve centre and the unrivalled biggest economy in Nigeria and indeed

West Africa, controls 65% of the nation’s commercial, industrial and manufacturing activities.

 According to Adefulire, the state government over the last decade had anticipated the events of today by introducing the use of Information Technology (ICT), to grow the state by embracing e-governance methods to improve on the Health, Education, Transportation and the public service needs of the people.

This she added has made it easy for Lagos State government to transit into a cashless economy.

She stated at the event that “our internal ICT compliant financial structure coupled with
all financial transactions now done through electronic bank transfer and e-payment have positioned us to meet the initial challenges. We are using Oracle Financials to run our internal financial machinery. As at the moment 80-90% of the state’s financial transactions are done through electronic transfer and e-payment. We are the trail- blazer in e- governance’’.

The Deputy Governor said the state government has trained and is still training financial operators, accountants and auditors to further build their capacity to handle the challenges of the new system.

“As a government the state has already met the new initiative of cashless economy more than half way,” she said.

She urged the Central Bank of Nigeria in conjunction with operating banks and other relevant stakeholders to aggressively engage in targeted and interactive stakeholder’s forums to enlighten the public on the new policy, and create sufficient awareness on these safe and secure alternative electronic options available for making payments and doing business.

Adefulire said she is aware that the Central Bank has been conducting some awareness campaigns in some parts of Lagos State especially among the grassroots about the pilot scheme billed to commence in January 2012.

In her welcome address, the chairperson of the association, Mrs Tinuola Thompson, said the theme is relevant going by the financial reforms taking place around the world, adding that the cashless economy will usher in transparency and reduce crime to the barest minimum.

 The association presented awards to individuals and corporate organisations that have supported the society in one form or the other.

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