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Nigeria: The Imperative of Cash-Less Society
Interestingly, this is not the first time attempts have been made to move Nigeria towards a cash-less society.
The Money Laundering Prohibition Act (MLPA) of 2004, presently before the National Assembly for possible update and amendments, took cognisance of this.
The first section of the law, prohibits anybody or body corporate in Nigeria from paying or collecting cash when buying or selling any item in value exceeding N500, 000.00 for individuals and N2m for organisations except through a transaction involving a financial institution.
Azerbaijan to build “cashless” society
Today in Baku first Deputy Chairman of the Central Bank of Azerbaijan Alim Guliyev has stated that the state program on development of electronic payment system and cashless payments for 2011-15 that is currently underway is based on the idea of “cashless society “creation.
” Within the first such program implemented in 2005-07 the infrastructure and potential for development of electronic card payments was created. At present they are not fully used and our purpose is to achieve full realization of this potential “,- A. Guliyev said.
Comment by Adamantine:
Would anyone argue that the day is coming when all nations restrict the use of cash.