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.

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