FleetMasters, an indigenous electronic payment company, has reaffirmed its commitment to the full actualisation of Central Bank of Nigeria’s (CBN) cashless initiative, stating firmly that the benefits of the initiative would not be felt until the entire country adopts the scheme geared towards reducing the cost of managing cash in the economy.
Abiodun Olusanya, managing director of the company, made these remarks at Card Expo Conference & Exhibition, held in Lagos.
He commended the apex bank for implementing the cash-lite policy, further adding that electronic payment will ultimately become the greatest weapon against corruption and financial crime in Nigeria.
“If we take physical cash out of circulation and leave only a tiny proportion of it for petty transactions, then we would have won the first battle in the fight against corruption. I will like to call on the National Assembly to take a critical look into how public funds are looted, and legislate against certain practices that aid the process”, the FleetMasters MD said.
Olusanya further pointed out that since the apex bank has set a limit to the amount of cash a person or organisation can withdraw from deposit money banks, the National Assembly should take it one step further by making it a criminal offence to be caught with physical cash that is above the threshold set by the financial regulator.
He explained that it was pretty difficult to loot public fund in more advanced economies because physical cash has been taken out of the equation as it relates to financial transactions. “e-transactions will always leave a trail. Nigeria can take the lead in Africa in this area for a start”.
The FleetMasters franchise, according to him, is in Lagos and is expected to be rolled out in 28 states in Nigeria by September this year. Giving insight into some unique solutions in its stable that could aid the cashless drive, Olusanya said the firm has produced an e-card that replaces the use of vouchers or cash for fueling, vehicle maintenance by corporate, public institutions and individuals.
“We all know that running a fleet can be expensive, time consuming, and tasking but you can now be at ease.
Our MasterCard Prepaid Card is a Fuel Card, as well as a Fleet/Discount Card. It is designed to be an attractive electronic wallet that brings huge benefits to the cardholder. It is safe, secure and convenient. By its design and features including the PIN and chip technology, it meets the highest standard of electronic cards worldwide”, he stated.
Olusanya added it provides more value than the use of cash, vouchers and even cheques for payment of goods and services. Regardless of the brands of vehicles, according to him, an organisation may reduce their total fleet maintenance cost by as much as 20 percent by using the card.