MasterCard President decries high volume of cash transactions, supports CBN cashless policy

Despite the immense advance in mobile retail technology, around 85 percent of all transactions are still being made with cash, which will only change with the “will of the people”, according to the President of MasterCard Worldwide.

Ajay Banga added that the over-reliance on cash transactions remains a direct link with festering corruption and acts of terrorism across the globe when he spoke at a forum in Nigeria’s capital city of Abuja.

According to him, the Central Bank of Nigeria (CBN) should be commended for taking the bold step in championing the process to transform the country into a cashless hub. He added that this project comes with huge cash management and transaction costs.

“It is not about technology, it is about the will of the people in government, banks, merchants and attitudes of customers. It is all about us as a people,” he said.

Opeyemi Agbaje, an economic consultant and former banker also spoke at the forum. He discussed the notion that electronic commerce is a challenge to Nigeria.

“First of all, the notion that it would be difficult to do transactions without cash is not true. I am challenging the notion that e-commerce is a challenge given that we have traders moving all over the place without necessarily using cash. It does not make sense for traders to be carrying cash all around,” Agbaje said.

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