The Central Bank of Nigeria has said that the new cashless policy introduced in the banking industry is aimed at mitigating fraud and increase customer conveniences in the country.
Speaking at the cashless sensitization exercise on Tuesday in Jos, Plateau State, the Branch Controller of the CBN, Mathias Kurah, said the policy, introduced in 2010, when implemented will enhance service delivery as well as reduce industry cost.
Kurah pointed out that with the new policy, any merchant that charges customers extra percentage for alternative cash payment such as Point Of Sale terminals, internet banking, Automated Teller Machine services and others will be sanctioned.
He said the sensitization programme is to further create awareness for the general public on the importance of the policy.
He said Lagos state was used as the pilot state for the project and Plateau State is among the 10 state so far covered.
Kurah expressed the hope that by July this year, the campaign will cover the rest of the country.
He said already, business communities have embraced the policy and are broadening their financial contact points, adding that the legal framework needed to support the policy is also before the National Assembly and will fortify implementation when assent is given.
He added that an Electronic Fraud Forum has been inaugurated to ensure that the level of awareness on vulnerabilities that exists on the e-channels is raised.
CBN policy: Fraudulent merchandise to face sanction
