Coronavirus cbn advises nigerians to adopt alternative payment methods

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Coronavirus: CBN Advises Nigerians to Adopt Alternative Payment Methods

In light of 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 encouraged Nigerians to use contactless payment methods, such as cardless ATM withdrawals, mobile payment apps, and online payment platforms, to reduce the need for physical contact.

The advice is part of the CBN's efforts to promote social distancing and reduce the risk of transmission of the virus in the country.

Why Alternative Payment Methods?

The CBN's advice to adopt alternative payment methods is based on several reasons, including:

  1. Reducing physical contact: Cash transactions often involve physical contact, which increases the risk of transmission of the virus.
  2. Minimizing the spread of the virus: By reducing the use of cash, the CBN aims to minimize the spread of the virus and reduce the risk of transmission.
  3. Promoting social distancing: Alternative payment methods promote social distancing, which is a key strategy in reducing the spread of the virus.
  4. Enhancing financial inclusion: The CBN's advice to adopt alternative payment methods also aims to enhance financial inclusion by providing more options for Nigerians to access financial services.

What Alternative Payment Methods are Available?

Nigerians can adopt several alternative payment methods, including:

  1. Mobile banking: Mobile banking apps, such as M-Pesa, allow users to make transactions using their mobile phones.
  2. Online banking: Online banking platforms, such as internet banking, allow users to make transactions online.
  3. Electronic wallets: Electronic wallets, such as PayPal, allow users to make transactions online.
  4. Cardless ATM withdrawals: Cardless ATM withdrawals allow users to withdraw cash without using their debit or credit cards.
  5. Mobile payment apps: Mobile payment apps, such as Quickteller, allow users to make transactions using their mobile phones.

Conclusion

The CBN's advice to adopt alternative payment methods is a proactive step to reduce the risk of transmission of the COVID-19 virus in Nigeria. By adopting alternative payment methods, Nigerians can reduce their risk of exposure to the virus and promote social distancing.