Coronavirus cbn advises nigerians on alternative payment methods
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CBN Advises Nigerians on Alternative Payment Methods Amidst COVID-19 Pandemic
In response to the ongoing COVID-19 pandemic, the Central Bank of Nigeria (CBN) has advised Nigerians to adopt alternative payment methods to reduce the risk of physical contact and minimize the spread of the virus.
In a statement issued on March 24, 2020, the CBN urged Nigerians to use digital payment channels, such as mobile banking, online banking, and electronic wallets, to make transactions instead of cash.
The CBN also advised Nigerians to use contactless payment methods, such as cardless ATM withdrawals, mobile payment apps, and online payment platforms, to reduce the risk of transmission.
The alternative payment methods recommended by the CBN include:
- Mobile banking: Nigerians can use mobile banking apps to make transactions, pay bills, and transfer funds.
- Online banking: Nigerians can use online banking platforms to make transactions, pay bills, and transfer funds.
- Electronic wallets: Nigerians can use electronic wallets, such as eNaira, to make transactions and pay bills.
- Cardless ATM withdrawals: Nigerians can use cardless ATM withdrawals to withdraw cash without using their debit cards.
- Mobile payment apps: Nigerians can use mobile payment apps, such as mobile money transfer apps, to make transactions and pay bills.
- Online payment platforms: Nigerians can use online payment platforms, such as online payment gateways, to make transactions and pay bills.
The CBN also advised Nigerians to avoid using cash for transactions, especially in crowded areas, and to maintain social distancing when making transactions.
The CBN's advice is aimed at reducing the risk of transmission of COVID-19 and promoting a cashless economy in Nigeria.
Source: Central Bank of Nigeria (CBN)