NUBIFIE: Cashless policy will boost economy, calls on Nigerians to support it.

By: Afolabi Oyekunle.

The Cashless policy of the Central Bank of Nigeria has more advantages than disadvantages, as it is capable of boosting the economy, reduce kidnapping, theft and needs to be supported by the people.

NUBIFIE National President Comrade Anthony Abakpa.

This is coming from the National Union of Banks Insurance and Financial Institutions (NUBIFIE), as the Union hierarchy, the National President Comrade Anthony Abakpa and General Secretary Comrade Mohammed Sheik spoke to Correspondent Afolabi Oyekunle.

The President Comrade Abakpa said the policy will do the country and the people a lot of good which has already started manifesting as kidnapping is presently at the lowest ebb, and many kidnappers have been forced to relocate.

Comrade Abakpa said as a result of the cashless policy, money will revolve in the banks, and the banks will be able to use it for businesses, having enough to lend for trade and commerce thereby boosting the economy.

He said it will also enable the Central Bank of Nigeria (CBN) to monitor the money in circulation. Comrade Abakpa also believe it will ultimately favour the people in quick transactions.

Collaborating the President, NUBIFIE General Secretary Comrade Mohammed Sheik said due to the numerous advantages of the cashless policy,the Central Bank has a duty to continue to enlighten members of the public and give enough publicity to its policy.

Comrade Sheik called on the Central Bank of Nigeria to ensure enough clean and not mutilated smaller denominations are made available to ensure stable trade for small scale traders, artisans and the informal sector of the economy.

NUBIFIE General Secretary Com. Mohammed Sheik.

Comrade Sheik called on Nigerians to embrace it, he said the surge by many people who want to withdraw money simultaneously contribute to the shortage of cash by the commercial banks.

He believes that with the assurance of more money to the banks by the Central Bank of Nigeria, there would be normalcy in the banking sector.

Meanwhile NUBIFIE has called on the Ministry of Labour and Employment to ensure that outsourcing companies treat their employees according to best practices and ethical standard.

The union said it would be absurd for a worker to be treated as a slave in his father's land.

The union assured outsourced staff in the banking sector that their interest and rights to good conditions of service according to the law will continue to be guaranteed.

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