Nigeria’s cashless policy will aid in the detection of illegal election finance- Osinbajo
Osinbajo supports CBn’s cashless policy, saying it will make it easier to identify unauthorized election money Yemi Osinbajo, the vice president, has endorsed the cashless policy being implemented by the Central Bank of Nigeria (CBN), claiming that if successfully utilised, it will aid the nation in tracking the origins of illicit election financing by making such transactions trackable.
The difficulty in controlling election financing due to cash transactions, according to Osinbajo, who spoke on Monday at the Presidential Villa when he received a delegation of the European Union Election Observation Mission led by Barry Andrews, has made it essential to ensure an effective cashless system in the nation.
In a statement issued by his spokesman, Laolu Akande, the VP said in part:
“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.
“Under the country’s existing election finance practices, a lot of money can be spent without being monitored.
It remains challenging to effectively control election finance with cash transactions.
As a result of the difficulty in regulating election finance due to cash transactions, the vice president claims that infrastructure issues still need to be resolved in order to establish an effective cashless system in the nation.