'Cashless Economy 'll Bring Lending Rates Down'
23.05.12
Macauley Atasie is the Chief Executive Officer of NEXTZON Business Services Limited and President, ePPAN (ePayment Providers Association of Nigeria). He has been involved in several multi- jurisdictional business activities spanning e-business, banking and finance and payment systems over the past decades. Atasie spoke with some journalists on the challenges, benefits and expectations of the dawn of cashless economy in Lagos. Blessing Anaro reports
CAN YOU ENLIGHTEN THE PUBLIC ON THE CASHLESS ECONOMY INITIATIVE OF THE CBN?
The CBN and the Federal Government have decided to admit more cash into the formal system/financial system.
There are over 70 per cent of cash in circulation outside the formal banking system, and it has many implications; one of which is cost; because physical cash/currency is being utilised and cash has its own lifespan, so it gets destroyed early, and this means government will have to spend a lot of money replacing the cash with new ones.
Source: Leadership Newspapers