Expert makes case for cashless policy

Maduabughichi  stated this at the annual lecture of the National Institute of Marketing of Nigeria held in Aba, Abia State.
Maduabughichi, in his lecture entitled, “Database Marketing in Nigeria Cashless Economy: Challenges and Prospects”,  said high cash usage enabled corruption, leakages and money laundering.
He listed informal economy, high subsidy, inefficiency and corruption, high cost of printing notes and high subsidy as other negative consequences associated with the use of physical cash in the economy.
He said that the policy was introduced to drive development and modernization of our payment system and Vision-2020 goal and to improve the effectiveness of monetary policy in managing inflation and driving economic growth.
Noting the implications on database marketing, Maduabughichi said: “Taking into cognizance the fact that DBM makes use of electronic communication interchange easier, if the cashless policy is well packaged and adequate provision of the facilities are provided up to the rural communities, especially as it relates to point of sales (POS), it will enhance and facilitate exchange process.”
In his keynote address, the Chairman of NIMN, Aba Chapter, Mr. Ben Ejiogu, said that the annual lecture was part of the chapter’s awareness creation agenda, adding that it was aimed at updating members sales and marketing techniques.