THE Lagos Chamber of Commerce and Industry (LCCI) has asked for more time for the implementation of the cashless policy.
In a statement, its Director- General, Muda Yusuf said the latest Central Bank of Nigeria’s (CBN) circular should have given a much longer notice to economic players, including enlightenment.
He said the effective date is extremely short as the circular was dated September 17 with effective date of September 18, noting that it is just a notice of one day.
He said: “This would have short term disruptive effects. We implore the CBN to give at least two months to allow for players in the economy to adequately prepare themselves. This is particularly so for investors who are major players in the retail segment of the economy. It is difficult to justify the decision to penalise cash depositors. The emphasis should be on discouraging cash transactions and withdrawals, which is more in consonance with the objective of the policy.”
Yusuf said the cashless policy is no doubt a commendable initiative which has impacted significantly on the economy but insisted that financial institutions should continuously strive to raise the level of confidence of citizens in the electronic payment platform.
The LCCI chief said this would entail the reduction in ATM fraud, internet fraud and other fraudulent activities on the various electronic platform.
He called for more enlightenment and incentives to encourage the citizens to use electronic payment systems. According to him, the transitioning process requires robust enlightenment, consultation and stakeholder engagements.
