MasterCard: We Can Reduce Cash Transactions By 70 Percent

MasterCard announced earlier this week that it has a cashless rollout initiative planned that could reduce cash transactions in Nigeria by 70 percent.

MasterCard Vice-President and Area Business Head Omokehinde Ojomuyide recently spoke in Lagos, and reportedly said that the planned initiative is designed to reduce cash flow, not eliminate it completely. Additionally, Ojomuyide told THISDAY that the volume of electronic cash transfers has risen recently, and the challenges of unbanked individuals accessing funds have reduced since the cashless policy in selected states was introduced in 2012.

“Some financial institutions engaged by CBN are currently taking the cashless initiative to the nooks and crannies of the country, to raise awareness on cashless economy among Nigerians living in the urban and rural areas, in preparation for the nationwide launch of the initiative,” Ojomuyide said. “This is commendable and will further deepen the adoption of cashless by Nigerians.”

The cashless platform will be pushed further at a card and mobile expo slated for June 17 to 19 in Lagos, Ojomuyide explained to the news source. Along with MasterCard, Nigeria Inter Bank Settlement Scheme (NIBSS), and several financial groups were solidly behind the plan.

“What’s Hot” is aggregated content. claims no responsibility for the accuracy of the content published by the original source.



Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

Click to comment