CASH LIMIT: EASYFUEL MD ASSURES ON INTEGRITY OF E-PAYMENT TECHNOLOGY

Managing Director, EasyFuel Limited, Mr. Tayo Olajide, as re-assured Nigerians that the proposed cash withdrawal limit recently announced by Central Bank of Nigeria (CBN) will be successful.

Olajide hinged his belief and optimism on the concerted efforts being made by CBN, banks, card-issuing companies and other stakeholders ahead of the implementation of the policy.

Speaking at a programme organized by the Lagos Chamber of Commerce and Industry (LCCI), with a focus on the new policy, Olajide assured that it would revolutionise payment system in the country, though he acknowledged that there would be teething challenges when the full implementation comes on stream.

'I want to first and foremost commend the leadership of the Central Bank of Nigeria leadership for their vision and foresight in devising this policy. If you know the huge cost of cash management incurred by banks, which is ultimately passed to the customers, the security risk involved in cash movement, among others, you will agree with me that this policy is justified.

'Moreso, we need to move the country financial system to a cashless one because of the inherent benefits that it affords. Though there are fears about technology security and integrity, but I can assure you that this one is being taken care of by relevant companies. Valucard and InterSwitch are in the forefront of providing support for this policy and these are tested companies with a high dose of integrity and competence.

'I am vouching for them because they are partnering with EasyFuel in our bid to deliver an hassle_free, less cumbersome cashless fueling to Nigerians. Don't forget also the commitment of CBN and the cooperation of other banks are also a pointer to expected success of the policy,' he said.

In his remarks at the occasion, the LCCI President, Otunba Femi Deru who pledged his support for the policy, urged all stakeholders to rally round CBN to tackle any challenge that might arise before and during its implementation.