Cashless policy: Bank customers task CBN on internet fraud


CBN introduced the cashless policy to reduce the amount of physical cash circulated in the economy.


Bank customers in Ibadan, Oyo State, have urged the Central Bank of Nigeria, CBN, to devise ways of stemming internet fraud in order to kindle people’s confidence in the cashless policy.

They said the prevalence of internet fraud in the banking system would make it difficult for a number of people to embrace the policy.

One of the customers, Bashir Akinola, a businessman, expressed pessimism over the level of acceptability the policy would have among Nigerians.

“Personally, I do not support the policy and will not do so unless the CBN can guarantee that if we embrace it, we will not experience online banking fraud,” he said.

A trader, Adebukola Badmus, said the CBN should ensure the policy operates effectively, and ensure that cyber crime and theft are adequately checked.

She, however, admitted that the policy would discourage the movement of physical cash and reduce the rate of robbery in the country.

Similarly, Taiwo Adeoye, a civil servant, urged the CBN to ensure that the system is credible and strictly adhered to, warning that the policy may become unpopular if poorly implemented.

“Even when it is properly implemented, the high quality of services should be sustained,” he added.

Some banks in Ibadan have been witnessing influx of clients who approached them for further enlightenment on the policy.

An official of one of the banks, who preferred anonymity, said that with the cancellation of the three per cent charge on deposits, more people would embrace the cashless policy.

The source said, “Without the charges, market women or business people should be encouraged to transact their businesses within the provisions of the policy.

According to her, with the prevailing security challenge in the country, I am sure that most business people would prefer cashless transactions; this again will reduce the risk of being robbed.

Another bank official, Segun Olajide, dismissed the notion that the policy would disrupt normal banking operations.

“What it means is that you won’t be able to issue a cheque to a second party unless you cash the cheque yourself as the owner of the account.

“To pay a second party, therefore, you will have to do an online transfer,” he explained.

CBN introduced the cashless policy to reduce the amount of physical cash circulated in the economy and to encourage more electronic transactions.


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