17 Jan '13, 1pm
Mastercard: 85 Percent of World's Retail Trade Still in Cash #nigeria #bitcoin via @allafrica
Abuja — President, MasterCard Worldwide, Mr. Jay Banga, Monday lamented that 85 per cent of the world retail transaction were still in cash, a situation, which he linked to the root cause of all evil including corruption and terrorism in most parts of the world. Speaking at a forum on cashless economy in Abuja, he praised the Central Bank of Nigeria (CBN) for its boldness in championing the process of making the country a cashless hub, in view of the huge of cost of cash management and transaction. Banga said political leaders at all levels, including banks, merchants and consumers must develop the will and support the cashless policy considering its immense benefits. According to him, "It is not about technology, it is about the will of the people in government, banks, merchants and attitudes of consumers. It is all about us as a people." He advocated for a public dialogu...