CeBIH Chairman, Chuma Ezirim, made the call at a seminar on Cash-lite Lagos – Evaluating the level of preparedness for January1, 2012 Launch, organised by the Committee last week.
Ezirim said the policy offers a lot benefits for the country and for the citizens. He noted that examples from other countries show that transiting from cash to electronic payment leads to one per cent increase in economic growth.
“This is mainly explained by the realisation of economies of scale in the provision of electronic payments, the overall increase in the total number of payment transactions, a greater reliance on cost-efficient service delivery channels, as well as impact on the technological change in terms of lower telecommunication and processing costs.
“We therefore believe that the recent policy by the CBN to reduce the number of transactions settled with cash in the country is very laudable and should be supported by all well meaning Nigerians.”