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‘76% of transactions in Lagos cashless’

Some 76 per cent of business transactions in Nigeria’s commercial city of Lagos are being carried out using cashless facilities, according to a survey carried out by the country’s foremost business group, the Lagos Chamber of Commerce and Industry (LCCI).

According to local media reports Monday, the survey is in contrast with an earlier review carried out by the apex Central Bank of Nigeria (CBN), which found that much of the transactions in Lagos are still being carried out using cash.

CBN Governor Sanusi Lamido Sanusi had last week said the proposed nationwide launching of the cashless scheme, schedule for January 2013, was no more possible.

Lagos was used for the pilot scheme early this year.

Mr. Sanusi noted that heavy dependence on cash remains a challenge that needs to be addressed, as US$11 billion have been laundered through Nigerian airports in the last 10 months.

The Business Group’s survey negates that of the CBN, saying; “Campaign for the cashless policy is overwhelming, as 80 per cent of the respondents across sectors of the economy claimed awareness for the policy.

”Over three quarter (76 per cent) of the respondents espoused that they use cashless facilities (ATM, online, credit/MasterCard, POS and mobile money) for their business transactions. Company (89 per cent) and trade (78 per cent) recorded the highest patronage level.”

The LCCI noted that the major reasons for non-usage of the cashless platforms were safety and quality of service. 

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