Osinbabjo backs CBN’s cashless policy, gives reasons

Vice President, Yemi Osinbajo, has given his backing to the cashless policy being enforced by the Central Bank of Nigeria (CBN), saying if effectively harnessed, will help the country track the sources of illicit election financing by making it possible to track such funds.

Osinbajo, who spoke on Monday at the Presidential Villa when he received a delegation of the European Union Election Observation Mission led by Barry Andrews, noted that the “difficulty in controlling election financing because of cash transactions,” has made it imperative to ensure an efficient cashless system in the country.

In a statement issued by his spokesman, Laolu Akande, the VP said in part:

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“The cashless thing has been really advantageous and helps with tracking. That sort of infrastructure is useful for more financial inclusion and the more financial inclusion you have, the easier it is to track.

“So much money can be spent without it being tracked under the current election financing practices in the country. With cash transactions, it is still difficult to seriously control election financing.’’

According to the VP, there are still infrastructure issues required to be in place to ensure an efficient cashless system in the country due to the difficulty in controlling election financing due to cash transactions.