CBN’s New Policy: A Step Towards Reducing Ransom Payments and Financial Crimes
By Trek Africa Newspaper
The Central Bank of Nigeria’s (CBN) recent policy imposing a daily withdrawal limit of ₦100,000 on Point-of-Sale (PoS) terminals is a strategic move aimed at reducing ransom payments and improving tracking measures to arrest kidnappers and other financial crimes.
Key Benefits of the Policy
1. _Reduced Ransom Payments_: By limiting the amount of cash that can be withdrawn through PoS terminals, the policy makes it more difficult for kidnappers to receive large ransom payments.
2. _Improved Tracking Measures_: The policy enables financial institutions to better track transactions, making it easier to identify and apprehend individuals involved in financial crimes.
3. _Enhanced Security_: By reducing the reliance on cash transactions, the policy promotes a safer and more secure financial environment.
4. _Increased Transparency_: The policy encourages the use of electronic payment channels, which provides a clear audit trail and reduces the risk of money laundering and other financial crimes.
*Impact on Kidnapping and Financial Crimes*
The CBN’s policy is expected to have a significant impact on kidnapping and financial crimes in Nigeria. By reducing the ease with which ransom payments can be made, the policy may deter kidnappers and other criminals from engaging in these activities. Additionally, the improved tracking measures and increased transparency provided by the policy will enable law enforcement agencies to more effectively investigate and prosecute financial crimes.
#RAPNEC NG
