E-PPAN extends cash-less policy awareness, as CBN re-introduces processing fees
The E-Payment Providers Association of Nigeria (E-PPAN) is set to embark on a massive national awareness campaign on the cash-less Nigeria Initiative as the Central Bank of Nigeria (CBN) re-introduces the cash processing fees on deposits and withdrawals.
The awareness campaign will cut across 30 states of the Federation as the cash processing fees takes effect in different states of the country. From April 1st, the cash processing fees will take effect in the existing cash-less states, which include Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja. While in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau it will take effect from May 1.
Edo, Kastina, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa will begin the implementation of the cash processing fees from August 1st, while the last states to implement the cash processing fees on October 1st will be Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Yobe, Sokoto and Zamfara State.
CBN in partnership with E-PPAN has deemed it imperative to once again sensitise the populace on the many benefits of the cash-less initiative which include easier opportunities of access to financial products that will aid MSME’s; reduction of government leakages; increased security; accountability and transparency; reduce cost of providing financial services and gradual reduction in conventional bank charges amongst others.
To reach out to everyone especially at the grassroots, starting from March 13th 2017, E-PPAN will be visiting Ondo State, Enugu State, Bayelsa State, and Plateau state. As the cashless initiative spreads across the country and the cash processing fess is being implemented, E-PPAN will also visit more states including, Katsina, Oyo, Ebonyi, Ekiti, Kogi and Cross River states.
According to E-PPAN, it will engage one on one market traders and their customers; artisans; trade associations, schools, traditional rulers and other key influencers, which is to make sure that everyone is aware and enlightened on the policy and its benefits for greater adoption of electronic payment channels.
The Executive Secretary/CEO of E-PPAN, Onajite Regha, stressed that one of the main reason for the awareness is to make people embrace the alternative payment to cash. Such as the various electronic payment channels which include the mobile phone for mobile payments or banking, the Point-of Sales Terminal (POS), for payment of goods and services, the internet for online purchases or internet banking etc.
She said that if we all take advantage of these channels then we will all benefit more from the formal financial mainstream and have ease and convenience in carrying out our day to day transactions.
The cash-less policy is a policy established in the year 2012 by the CBN. It was created to enhance financial inclusion and to reduce revenue leakage in an effort to improve Internally Generated Revenue (IGR), decrease incidences of theft, and most importantly curb excesses that comes with the use of cash.