In order to discourage vote buying through e-payment fraud, the Central Bank of Nigeria, CBN, will shut down mobile banking in the days leading up to and on Election Day, Apples Bite Magazine has learned.
The decision is a result of the artificial scarcity of the newly issued Naira notes in circulation. This Naira scarcity appears to have made vote buying impossible, which has led some politicians to resort to e-payment for vote buying.
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This is an effort to ensure that the elections are free and fair, as vote buying and e-payment fraud can easily be facilitated through mobile banking. By temporarily suspending mobile banking, the CBN hopes to reduce the risk of any potential fraud.
As a result, the CBN has implemented a ban on all mobile banking transactions until after the elections have been held. The same exercise would be repeated during the governorship and house of assembly elections on March 11.
