Information Technology plays an important role in bringing about sustainable development in every nation. Without an optimal use of Information Technology, no country can attain a speedy socio-economic growth and development.

It is against this background that the Central Bank of Nigeria introduced the cashless policy in order to ensure that banking services get to everybody and offers all platforms for empowerment that will change the way people transact businesses and living generally. 

A cashless economy is an environment in which money is spent without being physically carried from one person to the other. The first issue in the cashless economy is the issue of electronic purse. This is electronic information that is transmitted to a device which reveals the information about how much a person has stored in the bank and how much he can spend.

The advantages of a cashless economy are enormous; Cost of transportation and the danger of carrying large sum of money about will possibly reduce. The policy will enhance the integration of our economy as presently 78.8 percent of the country’s rural populations are largely unbanked.  Nigerian’s huge informal economy which is driven by small scale farmers, traders, craftsmen and other types of small and medium sized businesses would be integrated into the formal economy.

This will potentially result in an extensive application of computer technology in the financial system, as technologies are developing rapidly on the transfer of funds from one place to another. This place the Computer Professional Registration Council at the centre of control and regulation of the emerging technology in our economy.

The transition to a cashless economy will raise a lot of security issues in our financial institution. IT professionals should be ready to provide a robust IT support. Therefore, the indigenous professionals should rise up to this challenge and support the banks on making the policy a huge success.