Cashless Policy Kicks Off In Rivers, July …We Are Ready, RSG Assures
Rivers State will begin implementing the cashless economy policy by July, Commissioner for Finance, Dr. Chamberlain Peterside has confirmed.
Dr. Peterside told The Tide exclusively that already, the state had started implementing the programme skeletally, but that it would commence fully in July.
“As far as I am concerned, we have started, ‘’ said Peterside, adding that all our salaries are paid through banks. You remember before now our salaries were been paid by cash, now that has been phased out.’’.
Peterside revealed that now, the state government had gone further in ensuring that tax payments were being paid directly to the banks. The new scheme, he said the government was committed to ensure compliance, at least, in the public sector ‘’.
Asked whether the programme would not create shocks and public reactions, the commissioner said, “it will, but will not be much because already we have reduced cash transactions by 100 per cent in government activities.’’
The next phase, he stated was to ensure that all forms of tax were paid directly to the banks, explaining that this would equally affect the private sector as the policy expands.
With the new policy introduced by the Central Bank of Nigeria last year, bank customers would no longer be able to deposit or withdraw more than N500,000 and N3million cumulatively for individuals or from corporate accounts.
The policy is being introduced in other states following its success in Lagos State where a pilot scheme was implemented, last year.
The Tide learnt that the Central Bank of Nigeria is set to finetune the policy for the next phase as the Bankers Committee comprising other regulatory and major operators in the banking sector is billed to start July after several shifts.
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