Cashless Policy Responsible For Reduction In Kidnappings – CBN

The Central Bank of Nigeria, CBN, has said that its cashless policy had contributed to a reduction in the spate of kidnapping in the country.

The bank’s Branch Controller in Enugu, Patrick Okonkwo, said at the weekend that the policy had made it impossible for people to raise the large ransoms demanded by kidnappers.

Mr. Okonkwo, who was speaking at an awards night organised by the Enugu Bankers’ Committee, said the policy had also shown that technology could be used to check unwholesome activities.

He said the current Bank Verification Number (BVN) was also aimed at further checking “the increasing incidents of compromise on conventional security systems”.

The controller said the situation had culminated in a high demand for greater security for access to sensitive or personal information in the banking system.

He called on banks in the area to ensure that their customers were captured in the scheme, which he said would provide uniform identity for customers operating more than one account.

In the awards, First Bank Plc won the award for the highest cash deposits and withdrawals bank for 2014 while Zenith Bank Plc won that of the most effective and efficient cash processing and handling bank.

Union Bank Plc also won the award for the best participating bank in agricultural credit guarantee scheme fund instituted by the apex bank.

For individual awards, Okonkwo was rewarded for being the most valuable branch controller of 2014 while Osagie Agbonghoria was rewarded as the banker of the year. (NAN)