Lagos calls for cashless policy to go nationwide

Nov 29, 2012

The Lagos State House of Assembly is keen to see the cashless policy go nationwide.

A resolution has been passed in the Lagos State House of Assembly that calls for the nationwide introduction of the cashless policy by January next year.

The motion was moved by the Honourable Gbolahan Yisahau at plenary this week and he insisted that doing this would significantly strengthen and stabilise the economy.

Telecommunications companies were also urged to improve electrical infrastructure in order to support this prospect.

A statement from the House said: "The cashless policy should be deployed across the entire nation by 1st of January 2013 and all other teething problems observed in the operation of the policy should be taken care of immediately."

However, it may be that the electricity supply also needs work prior to this, as some delegates expressed concern that a cashless policy could not be supported at present.

According to Director of Switching and Processing at Interswitch Akeem Lawal, there are now 26 million e-Payment cards in circulation in Nigeria, up from ten million two years ago, This Day reports.

The Lagos Chamber of Commerce and Industry states that 76 per cent of business transactions in Lagos are being carried out electronically.ADNFCR-2976-ID-801497572-ADNFCR