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BANKING & FINANCE

Cashless Society: CBN Partners Firm On E-Payment, E-Collections

For some time now, the apex bank, the Central Bank of Nigeria (CBN) has been preaching the cashless policy to all Nigerians.

In a bid to achieve this and also eliminate corruption and leakages in Internally Generated Revenue (IGR), the number one bank has gone into partnership with Systemspec for the use of its Remita platform for e-collections.

This was stated on Thursday, January 29, by the Director, Banking and Payments System, CBN, Dipo Fatokun at CBN- Banks’ sensitisation workshop in Lagos organised by Remita.

“The revenue e- Collection is a solution for the electronic collection of Government Fees, Taxes and Custom Duties which allows government agencies to exploit the full capabilities of the technology to transform its services to the public. It would also drive financial inclusion, reduce high security and safety risks, to facilitate the growth of e-commerce and would foster transparency, curb corruption leakages,” he said.

Fatokun explained that the cashless policy enables the government especially the CBN to have a firmer grip on monetary policy and its attendant effects on inflation and economic stability, adding that it also increases financial Inclusion, increased economic development, increased transparent tax collection and Increased IGR.

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