PayMaster set for CBN’s cashless economy

PayMaster Limited, a leading indigenous e-business infrastructure provider, has reaffirmed its commitment to the Central Bank of Nigeria, CBN’s new policy for a cashless economy.

According to PayMaster, it has started driving implementation of the policy through increased deployment of Point of Sale, PoS, terminals across select locations in Lagos ahead of commencement of Cashless Lagos in January 2012.

Operation Cashless Lagos is a six-month test-run of CBN’s cashless policy aimed at moderating the volume of cash in the system and encouraging use of PoS terminals.

before its full expansion to other states of the federation.

Speaking recently ahead of kick-off of the test-run, Mr. Ozurumba Afigbo, Chief Operating Officer, Ventures Development and Management, Nextzon Business Services Limited, said PayMaster, which was set up by Chams Plc and Nextzon, had concluded arrangements to double its deployment of PoS in Lagos to ensure the success of the programme.