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’’.