A Critical Appraisal Of Non-cash Transaction Policy Of Central Bank Of Nigeria

ABSTRACT

The non-cash transaction (Cashless) policy of the Central Bank of Nigeria (CBN) was designed to provide mobile payment services, break down the traditional barriers hindering financial inclusion of millions of Nigerians and bring low-cost, secure and convenient financial services to urban, semi-urban and rural areas across the country. It has, however, become an albatross to some elites, the poor, uneducated and traders. The non-cash transaction policy of the Central Bank of Nigeria and the business prospects it offers for the electronic payment industry  have drawn the attention of foreign investors to electronic payment firms in the country. Meanwhile, the  Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) have commenced plans to set up a structure to settle complaints arising from transactions through electronic payment channels, especially Point of Sale Terminals (PoS). Vanguard investigation revealed that banks have commenced massive deployment of PoS, while merchants now demand for PoS terminals in their shops.