Stakeholders seek effective legal framework for cashless economy

SOME stakeholders in the financial sector have advisedCBN to put in place effective legal framework to back thepolicy oncashless economy.They made the plea at the 2011 Stakeholders' Forum of the Bank Directors Association of Nigeria (BDAN) in Lagos.The theme of the forum was 'The Future of Banking in Nigeria: Stakeholders' Expectations'.Head of Shared Services at CBN, Miss Eyitope Mathew-Daniels, said that the National Payment Act that would guide the cashless payment system was already before the National Assembly.Mathew-Daniels explained that CBN was also working with the Economic and Financial Crimes Commission (EFCC) on ways to ensure that the cashless economy achieved its full potentials.The CBN official said that the collaboration of the apex bank and EFCC was to curb financial crimes that could be associated with the electronic payment, e-transaction and mobile banking services.Managing Director of Financial Training Institute Centre (FITC), Dr. Lucy Newman, said that there must be trust among the banks and customers to guide against crimes associated with electronic payment.She said that there was still the need to put in place effective legal framework for the policy on cashless economy to work effectively.A Director at United Bank for Africa Plc, Adekunle Olumide, said that there was the need to protect customers' interest while rolling out the new processes.Olumide said that the CBN should manage the new system effectively to guide against frauds that had been associated with the ATMs.Chairman ofAuditing Committee of Guaranty Trust Bank (GTB), Mobolaji Lawal, advised the apex bank to educate those in the informal sector on the benefits of a cashless economy.President of the association, Ferdinard Alabraba, said that bank directors had a major role to play in ensuring that the banks run efficient and transparent services.
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