By Ayomide Oriade
The Central Bank of Nigeria has disclosed plans to roll out the cashlesss brand in all states of the federation within the next seven months.
CBN Deputy Governor (Operations), Mr. Tunde Lemo, who disclosed this, said the apex bank would collaborate with other stakeholders in the payment system to integrate mobile phones into point of sale (PoS) machines inorder to ensure effective implementation of the policy in all geopolitical zones of the country by June 2014.
“We have been talking about how to enhance connectivity and one of the things agreed was to work with some service providers. We hope to rollout to all the states by the second quarter of next year and we hope that by next year, as we roll out more PoS machines, we have to see how we can integrate the mobile phones into the network because in the hinterlands, the challenges would be more,” he said.
Lemo also noted that an effective payment system is crucial to the economic transformation of a country, stressing that failure is such aspect would spell doom for the financial system and the economy as a whole.