Published On: Mon, Oct 22nd, 2012

Cashless Transactions: MasterCard, Payment Merchants Express Optimism On Project

FOLLOWING a series of intensive workshops hosted by electronic payments company, MasterCard Worldwide, Nigerian banks, merchants and other stakeholders have expressed renewed enthusiasm on the planned cashless transactions scheme.

Over 200 merchants and payments industry stakeholders — from hospitality, retail, healthcare and travel sectors, as well as churches — attended the workshops, which lasted for five days in Lagos.

With emphasis on card security, fraud identification and management, signage at points of sale and cardholder support, the training focused on card acceptance best practices, exposing delegates to the benefits of electronic payments. Attendants of the workshops received a certificate of completion by MasterCard.

“MasterCard envisions a world beyond cash, a goal that mirrors the Cashless Policy conceptualised by the Central Bank of Nigeria,” said Omokehinde Ojomuyide, country manager, West Africa, MasterCard Worldwide.

“We support this policy that aims to modernise the country’s payment systems. One of the key elements is reducing cost of banking services and cost of cash, as well as growing financial inclusion by providing more efficient transaction options and greater reach.”

She went on to explain that the essence was “to curb the high cost of using and accepting cash as payment method, as well as prevent corruption, leakage, money laundering and other fraudulent activities that cash can enable.

“Cash cannot be traced or monitored. Preliminary estimates of global cash usage suggest that $8.3 trillion of consumer purchases annually are made outside the formal economy using cash. This includes an estimated $6.8 trillion of underground economy purchases and approximately $1.5 trillion in illegal purchases.

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