By KATO P. LADAN, Kaduna
In its quest at promoting a cashless economy, the Central Bank of Nigeria (CBN) is committed to promoting financial literacy among Nigerians.
Controller CBN Kaduna, Always Shehu Y. Sale expressed this at the ongoing CBN Fair in Kaduna on Thursday.
“Permit me to mention that the CBN is committed to promoting financial literacy among Nigerians. This is with a view to providing them with the essential knowledge and financial responsibility to make decisions that will better their lives and ultimately grow the economy, ” he said.
Represented by the Acting Branch Controller, Mrs Comfort Samuel Gaiya he explained that all the diverse initiatives of the CBN are geared towards the economic growth and development of the nation.
“This can only be achieved when stakeholders and the public are fully aware of these initiatives for optimal utilization, ” he added.
Speaking further, he said that in Nigeria, like most developing countries, cash has been the most prevalent mode of payment.
“This makes the country to be heavily cash-based economy. However, the cost of cash to Nigeria financial system is high and increasing. It is in this regard, that the CBN introduced the cashless policy with the objective of promoting the use of alternative means of payment like electronic payment channels instead of cash.,” he explained.
He pointed out that the move towards a cashless policy brings with it numerous benefits, while admitting that that there is however, need to create more awareness to entice the numerous unbanked Nigerians into the banking system.
Saleh said that in view of that, the CBN Consumer Protection Department has released the Consumer Protection Framework aimed at enhancing consumer confidence in the financial services industry and promoting financial stability, growth and innovation among operators.
“Permit me to also state that the Central Bank of Nigeria, in collaboration with the Bankers Committee, proactively embarked upon the deployment of a centralized Bank Verification System and launched the Bank Verification Number (BVN), in February, 2014.
“This is part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles, and the promotion of safe, reliable and efficient payments system. The BVN gives a unique identity across the banking industry to each customer of Nigerian banks, ” he added.
The two-day fair ends on Friday.