WorldStage Newsonline-- The Nigeria Inter-bank Settlement System (NIBSS), has said that the cashless policy of the CBN would go a long way to reduce the volume of cash kept outside the banking system, thereby boost banks' liquidity for lending to the needy sectors of the economy at attractive rates.

The General Manager, NIBSS, Mr. Niyi Ajao who was represented by head, project management office, Mr. Osa Udeze made this remarks in Lagos at a forum organized by Nigeria Computer Society (NCS), said the policy would enhance the efficiency of monetary policy in managing inflation and driving economy growth in the country.

He further explained that the cashless policy would also reduce the overall cost of banking and payments which in turn will reduce bank charges, and bring the benefit of banking services to more citizens. He said the NIBSS has a core mandate of continuous enhancement of the Nigeria payment system.

Ajao pointed out that the main areas of concern in the pursuit to grow the Nigeria payment system was achieving effective publicity and enlightenment, adding that e- payment infrastructures were on ground and they were also being improved upon by various payment service providers. He noted that stakeholders needed to do more to bring payment services to the doorsteps of the consumers of payment services.

He promised that that NIBSS would continue to partner stakeholders to grow the Nigeria e-payment system.

In his keynote address, member Lagos State House of Assembly, Hon. Gbolahan Segun Yishawu, described the policy as typical issue, contentious and controversial, saying that cashless was a way to go.

He observed that the policy had a lot of positive attributes. He stated that the policy is aimed at reducing physical cash and encouraging the use of electronic.

Gbolahan said the policy would drive development of organizations of the country payment system in line with Nigeria vision 2020, it is also expected to reduce the cost of banking services including cost of credit, and drive financial inclusion by providing more efficient transaction options and pay tariffs.

He said adequate protections must be put in place against hackers in the e- payment system as the country is going cashless, adding that the network problem should also be put into consideration.

He noted that the CBN had carried out a lots of campaigns in creating awareness about the policy, but more efforts should be made by the apex bank to educate the people especially on information they are not suppose to be given to others on their cards.

The chairman of the event, Mr. Chris Uwaje who is also the President of Institute of Software Practitioners of Nigeria, said it was important that the country started the e-payment system, but noted that at least five years provision should have been made for people to get use to the new policy.

The ISPON President who was represented by the Vice Provost College of Fellow (NCS) of Nigeria, Mr. Obi Okonkwo explained that the issue of broadband to drive the cashless policy should be put in place.

The chairman of NCS, Lagos State Chapter, Mr. Rogba Adeoye, the organizer of the event, maintained that the challenges, inter- discipline and complexity of technologies associated with information security as it related to E- commerce such as electronic transactions for profit deserved all the stakeholders’ utmost attention.

The Chairman noted that the important question was that, “where are the institutional framework put in place for resolution of anticipated threat to cashless operation, in terms of infrastructure efficiency and huge cash loss by customers?

“Cashless security or any other information security start by ensuring that IT or ICT officers are professionally traceable as properly registered and licensed by CPN, NCS and their bodies, like Lagos State Government that ensure that all her ICT staff registered with NSC and CPN; and CBN that always request for CPN registration as at when necessary, we are expecting digital and computer security professionals group to lead and continue advocacy in this direction as I.T security watchdog,” he said.