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CBN Claims Its Cashless Policy Has Contributed to a Reduction in the Number of Kidnappings in Nigeria



The Central Bank of Nigeria (CBN) has stated that its cashless policy has largely contributed to a reduction in the spate of kidnappings in Nigeria.

According to the bank’s Branch Controller in Enugu, Mr. Patrick Okonkwo, the policy has made it impossible for people to raise the large ransoms demanded by kidnappers.

Mr. Patrick Okonkwo made the statement while speaking at an awards night organized by the Enugu Bankers’ Committee.

He added that the cashless policy has also shown that technology can be used to check unwholesome activities. He stated that the current Bank Verification Number (BVN) is also aimed at further checking “the increasing incidents of compromise on conventional security systems’’.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.


  1. frankteacher

    January 20, 2015 at 4:07 pm

    Not impossible oooh that’s exaggerating nah.
    We sha recognize the upside to our going cashless

  2. frankteacher

    January 20, 2015 at 4:19 pm

    In another news, marketers in the banking sector under intense pressure to deliver in deposit mobilization, dey pray make dem see deposit even if na kidnapper, dem go follow launder d money for the kidnapper.

  3. mawedo

    February 24, 2017 at 6:17 pm

    Are you a business owner? Join the promotion of a cashless economy by getting the Union Bank POS machine.

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