Information Technology experts, under the aegis of the Nigeria Computer Society, have identified reliable network services and availability of access infrastructure as success factors for the Central Bank of Nigeria’s cash-less economic drive.
This was contained in the communiqué of the 24th National Conference of the society recently in Uyo, Akwa Ibom.NCS members, through the communiqué released on Friday, also identified stable public power supply as pivotal to the success of the cash-less initiative.
The communiqué was signed by the NCS President, Ademola Aladekomo and the conference Chairman, Prof. G. Aderounmu.
They agreed that the cash-less system would enhance operational efficiency, reduce crime and corruption while advocating that the advantages should be pushed into public domain through awareness and sensitisation workshops.
The communiqué said, “The cash-less economy is a catalyst for innovation, local content development, and job creation; therefore the Nigeria Computer Society in conjunction with the Computer Professionals of Nigeria, should be empowered to combine efforts to invigorate and accelerate manpower development in areas of local software application and service developments.
“Such application should be localised in the various Nigerian languages. This is capable of generating streams of income and creating wealth for the nation like Ireland and India.”
In view of the current economic realities, NCS stakeholders said the current spending on cash management in the country was wasteful and unsustainable.
More so, given the rising expenditure on currency production, replacement, distribution and vault management; and in line with the global trend, they resolved that the cash-less society was inevitable.
They called on the government to ensure that savings made from expenditure on cash management should be ploughed into Information and Communications Technology infrastructural development and penetration in the country.
The cash-less policy was introduced to engender the accomplishment of the Vision 2020 and modernise Nigeria’s payment system in line with international best practices. It is also aimed at reducing the cost of banking services, drive financial inclusion and reduce high security and safety risks.
According to the CBN, the cash-less initiative is aimed at reducing the increasing cost of cash estimated to reach N192bn in 2012.The adoption and continued encouragement of the use of POS terminals is considered a major step for the success of the cash-less projects and the CBN had set a road map for the deployment of over 400,000 PoS between now and 2015.
However, poor PoS connectivity and downtime have been a major hindrance to PoS transactions in the country and this is due to poor infrastructure. However, the Minister of Communications Technology, Mrs. Omobola Johnson, the Managing Director and Chief Executive Officer, NIBSS, Mr. Adebisi Shonubi and the Head, Shared Services, Central Bank of Nigeria, Mr. Chidi Umeano, had at different occasions assured that something would be done to boost PoS connectivity for the cash-less scheme.
NCS stakeholders lauded the effort of the National Identity Management Commission under its current leadership to develop a central national database, multi-factor authentication system, enrolment and card issuing services, as well as identification and verification processes.
They said the implementation of the unique identification number project of the NIMC in particular was crucial to the success of the cash-less policy and urged that this initiative should be accelerated. According to them, there is urgent need for curriculum review of computer courses to incorporate new courses in information security and higher degree in digital forensics.
In achieving this, they called for a well coordinated interfacing of the industry and the academia. Finally, the conference resolved that accelerating the progress and benefits of Federal Government transformation agenda required the inclusion of IT professionals and IT captains of industry at all boards and project implementation levels of government initiatives.
Aladekomo, the NCS president, lauded the Federal Government and the CBN for embarking on the cash-less project and promised that NCS would continue to be a partner in progress on the country’s cash-less journey.
He said, “Indeed, monetary issues now experience universal standards across geographical boundaries and foreign exchange regimes. In addition, it appears as if globalisation has brought in its trail, enormous challenges of unprecedented electronic fraud, robbery, gangsterism, terrorism and insecurity. These challenges, together with some other considerations, show the wisdom of a cash-less society anywhere and everywhere in the world.”
Aladekomo, who agreed that the cash-less system provided ample opportunities for local content development, said one of his intentions was “to lay foundations to create one million ICT-related jobs in five years and the first 250,000 in the first two years.”
According to the communiqué, IT is now recognised as the preferred and fastest growing industry in the world today, with the power to invigorate and actualise national visions as well as transform and enrich economies.
Reliable studies estimate the global value of IT opportunities to be over $200tn. The 2012 IT spending is projected to exceed $1.6tn.
“As the Internet and technological advances continue to reshape power, redistribute national resources, transform government, education, culture and the way we work, competition and economic pressures create quicker and more efficient ways to do business. The reality of increased and quality information for economic and national survivability remains a fundamental concern to all nations of the world,” the communique said.
The NCS was formed in 1978, having transformed from the then Computer Association of Nigeria to become the umbrella body of all IT professionals in Nigeria.
The society is structured into Professional and Industry Groups. It has within its fold other specialised interest groups such as the Information Technology (Industry) Association of Nigeria, Institute of Software Practitioners of Nigeria, Internet Services Providers of Nigeria and the Nigeria Women in IT.
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