CBN, Reach to set agenda for cashless society

The development of infrastructure for the cashless industry and enhancement of financial inclusion through the deployment of alternative distribution channels and agent networking will be the main focus at the forthcoming annual All Stakeholders Cashless Conference. The conference, which is organised by Reach Consult in collaboration with the Central Bank of Nigeria, will also focus on security and risk issues associated with electronic and mobile payments, e-commerce, mobile money systems, effective multi-sector regulation as well as legislation, among others.

The CBN had recently introduced the cash policy, which is aimed at driving the development and modernisation of payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020. It is also aimed at reducing the cost of banking services, driving financial inclusion by providing more efficient transaction options and greater reach, and improving the effectiveness of monetary policy in managing inflation and driving economic growth.

Now in its third year, the conference brings together more than 400 delegates and experts within the Nigerian electronic and mobile payments ecosystem. The conference, themed ‘Nigeria transiting to a cashless society: mapping the nationwide agenda’, is scheduled to take place October 21 and 22 in Lagos. According to a statement by Reach Consult, the event this year aims to discuss strategic issues in respect of CBN’s on-going nationwide implementation of the cashless policy.

The Deputy Governor, Operations, CBN, Alhaji Suleiman Barau and Senior Payments Expert, World Bank, Mr. Harish Natarajan, are both expected to present keynote papers at the conference. Special guest speakers expected at the conference include the Chairman, Senate Committee on Banking and Finance, Bassey Otu; the Chairman, House of Representatives Committee on Communication, Oyetunde Ojo; the Director-General, the Nigerian Electricity Reform Commission, Dr. Sam Amadi; the Director-General, National Identity Management Commission, Chris Onyemenam, and the Director-General, Consumer Protection Council, Mrs. Dupe Atoki.

The cash policy also aims to curb some of the negative consequences associated with the high usage of physical cash in the economy, including high cost of cash, high risk of using cash, high subsidy, informal economy and inefficiency & corruption.