The cashless policy of the Central Bank of Nigeria, CBN, could help checkmate the rising menace of terrorism in the country, Governor Babatunde Fashola of Lagos State, has said, noting that it would be easy to account for all transactions and eliminate the possibility of terrorism financing.
The governor who spoke at a conference to chart the way forward for the cashless transition, said, “There is nothing that attracts crime than cash and this transition to cashless transactions would help to address these crimes especially the increasing wave of terrorism.
“The transition involves everyone having a part to play as it will ensure safety and also reduce the cost of cash management.
“About 65 per cent of circulating cash in Nigeria are not in the banking system, which comes at about N900billion that remains unaccounted for and no one knows whether this money is being used to finance terrorism, drug peddling and other vices, which are huge risks to all of us.”
Fashola who was represented by the Accountant General of the state, Mr. David Sunmoni, argued that cashless transactions eliminated fraudulent practices and ensured that money was retained for development purposes.
Speaking , CBN’s Deputy Governor, Operations, Mr. Tunde Lemo, said the cashless policy was an initiative aimed at reforming the banking payment system in Nigeria, noting that “the cash-less economy policy is designed to promote financial intermediation, financial inclusion, minimise revenue leakages, thus increasing internally generated revenue.