Friday, October 11, 2019 11:39 am
Oyo State Government has explained its determination to key into the cashless policy of the Federal Government through the Central Bank of Nigeria, CBN, saying that cashless policy would guarantee financial security in the state.
The State Commissioner for Agriculture and Rural Development, Hon. Ojemuyiwa Ojekunle who disclosed this stated that the cashless policy as proposed by the federal government was a welcome development, which he believed would enhance financial security in the state as well as protect the individuals against dangers associated with movement of physical cash for the purpose of financial transactions.
At the official opening of a two day training on Cashless economy in Nigeria and volunteerism in Rural Finance Institution of Nigeria, RUFIN, which was held in Ibadan, the Commissioner, who was represented by the Acting Permanent Secretary of the Ministry, Dr. Peter Adegunwa emphasized the need for physical cash security in the country as the state government continues to push forward on its drive to revolutionize Oyo state economy through agriculture.
He noted that the determination of Governor Seyi Makinde to re-position the state into a commercial hub in Africa involved transactions in physical cash in large volume within the economy which he said would not be financially healthy, considering the security situations in the country.
According to him, “Oyo State government has keyed into the cashless policy of the Federal Government through the Central Bank because of its benefit in reducing to barest minimum, the risk of hauling large volume of physical cash in a country that is suffering from high level of insecurity. It is even more important for us in the state to make the cashless policy our watchword because of the state’s special interest in using agriculture as our route to financial freedom, where the state will be injecting enormous funding and creating mass employment for the teeming youth population”.