Financial sector operators have said there is the need to upgrade infrastructure in telecommunication, power and the banking sectors to ensure efficiency of the cash-less policy of the Central Bank of Nigeria.

They spoke at an annual lecture titled, "CBN's Cash-lite  policy: prospects and challenges" in Ilorin, Kwara state on Friday.

They said infrastructure upgrade was need especially in rural communities if the cash-less policy would be effective.

The lecture was organised by  the Self Reliance Economic Advancement Programme (a financial institution).

While hailing the policy, they however, expressed concern about its workability in the rural communities because of poor infrastructure and knowledge dearth. They, therefore, urged the CBN to engage in more enlightenment campaigns to get Nigerians  well informed about  the policy.

Executive Programmes Director, SEAP, Mr. Olatunde Oladokun, said the cash-less policy will reduce cash in circulation as well as the operational costs of banks.

He, however, said it was imperative to enlighten people, especially rural dwellers on the policy.

Oladokun said, "The policy will have some hurdles in rural communities, especially to micro-finance banks.

"When you look at the infrastructure, you discover that the rural communities may not fit in. There may be some challenges especially where there are no conventional banks."

Business Manager, Wema Bank Plc, Ilorin branch, Mr. Rotimi Enilari, said the policy would transform Nigeria to a major global financial player.

 He said there was the need to either provide or upgrade financial, telecommunication and power infrastructure in rural areas for the policy to be effective there.

Branch Leader, Fidelity Bank Plc, Mr. Olajide Agbaje, said in the long run, the policy would benefit individuals and the entire economy.

He, however, alleged that CBN was forcing the policy on Nigerians. Agbaje argued that it should rather have evolved naturally and gradually.

Branch Manager, Ecobank, Iseyin branch, Oyo State, Mr. Joshua Ijatuyi, advised CBN to sensitise people more on the policy.

"Historically, we cannot run away from cash-less economy. All we need is to drive down the knowledge to people who do not know what the policy is all about," he said.