CBN Tasked On Policy Implementation


An online telecommunications advocacy group, Telecomms Compare has said that certain issues must be addressed first before the nationwide introduction of the Central Bank of Nigeria cash-lite policy.

According to the group, the issues include uniformity in launch dates, transfer structure and most importantly, the issue of who owns customer relationship; the banks, the mobile money player or the networks.

The group noted that if these issues were tackled properly, the policy would ensure in true transformation in the banking sector of the economy.

Praising the central bank for initiating the policy, the group said: “With so much buzz, anticipation and doubts over the newly initiated scheme in Nigeria, the scheme has thrived well in some countries like Kenya, Philippines and even Cote d’Ivoire and it is a success story of those emerging countries which will serve as a template for the Nigerian economy.

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“Although the mobile money operators and networks will have different modes of marketing this scheme, it would be worthy of note to point out that basic aim is allowing Nigerians to make transaction via their mobile phones as about 25% of the Nigerian population have access to bank accounts and financial intuitions, but about 90% of the Nigerians have and own a mobile phones.

“This scheme, according to experts, will not only be beneficial to the economy but will assist Nigerians in their daily transactions without fear of fraud and insecurity of losing money.” he said.

—Henry Ojelu

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