Speaking in Lagos at the DigitalPay Expo, Managing Director, Xpress
Payment Solution Limited, Oluwadare Owolabi, said the payment system
vision (2020) has not gained significant acceptance from Nigerians.
He explained that despite launch of the cash-less society policy since
2013, mobile money penetration in the country still stands at a paltry
one per cent.
“Mobile money penetration in the country still stands at a paltry one
per cent even after five years of operation, compared to penetration
levels of 60 per cent and 40 per cent respectively for Kenya and Ghana
(GSMA, 2018).”
Owolabi called on the government to encourage the Agent Banking
initiative “by creating points where people can go to any time of the
day to cash-in and cash-out, and as well pass transactions into the
platform.”
According to him, usage of this policy will contribute 374 per cent
growth to the economy, should political and socioeconomic factors be
kept constant.
He opined that more awareness campaigns and commitment of Nigerians to
the cash-less policy, will improve its penetrations across Nigeria.
The cash-less policy or Payment System Vision (2020) reduced time spent
on banking activities is hardly the only benefit to consumers who rely
more on digital payments. Automated electronic bill payments can help
individuals eliminate late fees.
When people carry less cash, they are less susceptible to cash theft.
A
financial technology company, Xpress Payment Solutions Limited, has
said that for the Central Bank of Nigeria (CBN) cash-less policy to be
successful, Agent Banking initiative must play a big role.Pages
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