CBN to reduce cash-based transactions by 2025

The Central Bank of Nigeria has said the use of cash payment will naturally reduce 2025 as the new naira notes circulate in the economy.

The apex bank made this known in its Payments Vision 2025 document. It said by 2025, the country aspired to have a cashless and efficient electronic payment system infrastructure that would facilitate financial services in all the sectors of the economy.

According to the CBN document, the Nigerian payment landscape has many options that have displaced cash in recent times, including electronic bill payment, mobile phone top-up, and mobile and instant payments.

“The use of cash will naturally slow with the ‘mobile first generation’, which will be economically active by 2025, hence one of the focuses of the PSV 2025 is enhancing the cashless policy of the CBN”, the document stated.

The bank said “The PSV 2025 will focus the attention of critical stakeholders on contemporary developments that will drive digital innovations and payment in the future, such as contactless payments, big data, and open banking.”

While charging all stakeholders to support the bank in executing initiatives under the PSV 2025 towards fostering an efficient and secure payments system, it said it would ensure a secure, reliable, and user-centric financial solution in compliance with international standards.

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