Written by on September 23, 2019

Founder and Director, PayAttitude, Agada Apochi says the cashless policy introduced by the Central Bank of Nigeria is to discourage the preference for cash in exchange of value by businesses and individuals.

Apochi in a statement, said the implementation of the cashless policy will help the CBN in stopping subsidy of the rich by the poor adding that cash transactions are associated with huge costs.

He said less than five per cent of Nigerians have a turnover of N15 million monthly or N500,000 daily while less than five per cent of businesses in Nigeria have turnover of N90 million monthly or N3 million daily.

Under the new policy guidelines, bank customers are to pay cash handling charges for daily cash deposit and withdrawal in excess of N500,000 for individuals and N3 million for corporates. 



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