ABUJA – The World Bank has endorsed the planned cashless banking policy recently announced by the Central Bank of Nigeria (CBN).

This was disclosed during the launch of a book titled “Achieving Nigeria’s Financial System Strategy 2020: Making Finance Work for Nigeria” by the World Bank in Abuja, weekend.

In the book that appraises Nigeria’s readiness in its quest to become one of the largest economies in the world by 2020, the World Bank said operating a cashless society in Nigeria is a key strategy to fast-tracking growth in the nation’s financial sector.

The World Bank noted that getting access to finance and developing a vibrant market that would create more jobs requires the backing of a solid and modern financial sector.

The World Bank observed that moving cash around is considered normal in Nigeria but warned that as the world increasingly moves towards cashless society, continuing with the fashion of moving around with cash takes the nation’s financial sector a step backward.