The cashless policy of the Central Bank of Nigeria will enhance savings culture in the country, says Mr. Nic Rudnick Chief Executive Officer of the Transaction Payment System Group (TPS).

Addressing the press at Speaking at a press briefing the official inauguration of TPS Nigeria in Lagos, Rudnic said that the policy would discourage people from keeping cash at home.

He said, “In India, it had been estimated that by going cashless, the central bank is saving up to N2 billion annually. So, we do believe that the cashless policy is a laudable initiative and it provides benefits, not only for banks but also for the society. Cashless solutions make it easier to save money. It means that the savings would be secured and not being kept in people’s pockets and mattresses.

Speaking on the mission of the company in Nigeria, he said, “ TPS provides electronic payment solutions including Point of Sale (Pos) terminals, repairs, software development and support. The company currently has presence in Botswana, Zimbabwe, Zambia, Kenya, Mauritius, Seychelles, Uganda, South Africa, Lesotho, Swaziland, Malawi and Ghana.

“We operate in 14 African countries. We have come to Nigeria as part of the CBN’s cashless initiative. We have built in Nigeria one of the most advanced terminals and payment centres.” He stressed that the policy would lead to increased safety and comfort.

“It means an increase in efficiency and a reduction in cost for the central bank in having to manage large volume of cash. A study that was conducted recently showed that one per cent of a country’s Gross Domestic Product is spent on cash management. That is on moving cash around the country. In Nigeria, that may be higher,” he added.

Country Manager, TPS Nigeria, Mr. Harry Nnoli, said that with over 20 years experience across two continents, the firm would be deploying its wealth of experience and expertise to ensure that the CBN’s policy achieves its target.

“We are not just here to provide this solution the way it’s been provided before. As you know, deploying PoS terminal is expensive.

“But leveraging on our strength, we would be able to structure deals with key stakeholders on how they can acquire and deploy these hard wares. So, we have very reliable soft wares that are reliable. Our terminal applications are robust,” Nnoli added.


http://www.vanguardngr.com/2012/07/cashless-policy-ll-enhance-savings-culture/