Business
Nigeria: Central Bank looking to offer incentives to grow cashless economy
To ensure the success of Nigeria’s cashless scheme, the Central Bank of Nigeria has disclosed plans to introduce incentives for traders through commercial banks.
While speaking at a cashless policy seminar organized by the Lagos Chamber of Commerce and Industry (LCCI), Nigeria central bank Deputy Governor, Tunde Lemo, said based on the report generated from the appraisal of the Lagos roll-out of the cashless scheme, some far-reaching decisions would be taken to improve the effectiveness and ease of the policy on the economy.
Central Bank Governor, Sanusi Lamido Sanusi, had said last week that a final review of the financial activities of the nation in the last 10 months has clearly indicated that Nigeria is not ready for the cashless scheme national rollout in January 2013.
“The central bank is looking to encourage commercial banks to introduce some incentives to merchants. We are trying to determine the best incentive schemes for stakeholders,” said Lemo.
Mr. Lemo, also revealed that the cashless policy will soon be implemented in other states in the federation with more extensive and effective awareness campaigns.
