By Opeyemi Adelakun
The Federal Government is considering tightening Nigeria’s cashless policy as part of efforts to curb rising cases of kidnapping and disrupt ransom payments used by criminal groups.
Security and policy sources said the proposal is being discussed at high levels, with officials exploring ways to reduce cash-based ransom transactions that make it difficult to trace kidnappers and their networks.
According to the sources, a stronger cashless system would help security agencies monitor financial activities linked to crime and improve intelligence tracking of illicit money flows.
The cashless policy, first introduced in 2011 and later tightened in 2022, saw some of its strict rules relaxed after 2023. Government officials are now reviewing possible reinstatement of tougher measures in consultation with security agencies, regulators, and financial institutions.
Experts say Nigeria’s reliance on cash payments continues to give kidnappers an easy channel to collect ransom without detection. However, they also warn that the success of a stricter policy will depend on improved banking access, stronger digital infrastructure, and wider public acceptance, especially in rural areas.
Meanwhile, security operations have intensified in Oyo State, where troops are closing in on kidnappers holding 39 schoolchildren and seven teachers abducted in May.
Security sources said the kidnappers are being cornered inside a forest reserve, with escape routes blocked and pressure mounting on the group. Intelligence reports suggest the gang is becoming increasingly desperate as operations continue.
Authorities say efforts are ongoing to secure the safe release of the victims and dismantle criminal networks operating in the area.
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