By Eshioromeh Sebastian
The federal government is revisiting the possibility of reintroducing the cashless policy as part of fresh measures to address the growing wave of kidnapping incidents across Nigeria.
A report by Leadership Newspaper confirmed that security sources familiar with the deliberations revealed that the proposal is being examined alongside ongoing military campaigns and intelligence-driven operations aimed at crippling kidnapping networks and severing their access to funds.
Senior security officials believe that a renewed cashless framework would make ransom transactions more difficult to conceal and limit the ability of criminal groups to operate freely using untraceable cash payments.
According to report, kidnappers deliberately insist on cash payments because it allows them to avoid detection by financial intelligence units and law enforcement agencies.
“Criminals prefer to receive ransom payments in cash because the money cannot be traced. Once ransom is paid through the banking system, it becomes easier to track them,” the source said.
The official further explained that implementing a stricter cashless regime would strengthen intelligence gathering and boost the capacity of security agencies to track suspicious financial movements connected to kidnapping syndicates.
The renewed push for a cashless policy comes as the federal government continues to advance other digital payment initiatives.
Since the start of 2026, the government has enforced a mandatory e-receipt system and prohibited cash transactions across all federal Ministries, Departments and Agencies as part of a wider digital treasury reform.
The Central Bank of Nigeria has also launched the Payments System Vision 2028, a strategic framework designed to expand financial inclusion to 95 per cent and accelerate the country’s transition to a cash-lite economy.
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