Nigeria is continuing its push toward full e-banking transactions, the Nigerian Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) said in a statement on Tuesday in urging the Central Bank to move quickly on its planned efforts to integrate the new transaction plan into the country.
It called on the Central Bank to give incentives that would encourage full electronic, paperless transactions at banks across the country.
NACCIMA President Herbert Ajayi said the CBN should introduce these policies to make e-banking cheaper and more attractive.
“Bank charges on non-cash transactions could be reviewed downwards for customers, as incentive,” he said.
The call was in response to a recent CBN pronouncement that with effect from 1st June, 2012, individual cash withdrawals or deposits above N150,000 (US$960) would pay a fine of N100 per extra N1, 000. The new policy also states that corporate organizations that make cash withdrawals or deposits above N1 million (US$6,400) would pay a fine of N200 per extra N1,000.
Most analysts agree that the fees will not be a step in the right direction and could leave many Nigerians looking for alternative solutions and could take their money elsewhere.
Ajayi said that the CBN new policy, which aims at limiting free cash withdrawals and deposits in the economy, was a step in the right direction, despite analysts’ worries.
“NACCIMA considers the CBN ideas as laudable as it will help in reducing the risks and cost of money transfer and management by making Nigeria a cashless society,” he said.
He did express worries that the policy may not work in isolation, but could require other macro-economic policy support as well as adequate infrastructure to be put in place.
By Staff
