See How CBN Cashless Policy Would Aid Credible Elections

Afimag.com –

The Central Bank of Nigeria’s (CBN) cashless policy would address corruption which has grown horns in APC led government, including abnormalities in the nation’s electoral processes if properly applied.

The policy is targeted to drop the overflow of financial resources to avoid the electoral manipulations through Independent National Electoral Commission (INEC) officials, hoodlums or electorates by means of vote buying.

While speaking with the EU election observers at the Presidential Villa, January 30, 2023, Vice President Yemi Osinbajo pointed out that cashless policy in Nigeria can help stop the rise of illegal election funding by making it easier to trace the source of funds.

Professor Yemi Osinbajo, disclosed this when he met with a delegation of the European Union Election Observation Mission led by Mr. Barry Andrews, the Chief Observer, who is also a member of the European Parliament.

He said though cash transactions make it hard to keep track of election funding, there were still infrastructure issues that need to be fixed before the country can have a cashless system that works well.

He said the way elections are paid for in the country right now means that “so much money can be spent without being tracked.”

He said, “I think that what we should be looking at is to provide more infrastructure. The cashless thing has been really advantageous and helps with tracking. That sort of infrastructure is useful for more financial inclusion and the more financial inclusion you have, the easier it is to track.”