ABUJA, Nigeria – The Federal Government is considering the reintroduction of a strengthened cashless policy as part of renewed efforts to tackle the growing menace of kidnapping and other criminal activities across the country.

Security sources disclosed that the proposal is currently under review alongside intensified military and intelligence operations aimed at dismantling kidnapping networks and cutting off their financial channels.

According to top security officials, the move is intended to make ransom payments more traceable and reduce the ease with which criminal groups conduct cash-based transactions without detection.

A senior security source explained that kidnappers often insist on cash payments because such transactions leave little or no digital footprint, making it difficult for security agencies to track the movement of funds.

“Criminals prefer ransom payments in cash because they are difficult to trace. Transactions carried out through the banking system create records that can assist investigators in identifying and tracking suspects,” the source said.

The official noted that a stricter cashless regime could significantly enhance intelligence gathering and improve the ability of law enforcement agencies to monitor suspicious financial transactions linked to kidnapping and organized crime.

Security analyst Iyke Odife described kidnapping-for-ransom as one of Nigeria’s most serious security threats, noting that victims now include commuters, farmers, students, traditional rulers and residents of rural communities.

According to him, the widespread use of cash continues to provide criminal gangs with an easy means of collecting and moving ransom payments without attracting attention from authorities.

Another security expert, Mohammed Sani, welcomed the proposal, arguing that it could strengthen electronic payment systems and improve the tracking of illicit financial activities. He, however, stressed the need for stronger digital infrastructure, public confidence in financial institutions, and effective enforcement, particularly in rural areas.

Financial analyst Chukwudi Ayogu also cautioned that successful implementation would require expanded financial inclusion and improved banking services to ensure that citizens in underserved communities are not excluded from economic activities.

Meanwhile, security agencies have expressed optimism over the possible rescue of 39 schoolchildren and seven teachers abducted in Oriire Local Government Area of Oyo State.

Sources revealed that troops, working with other security agencies, have intensified operations around sections of the National Park forest where the abductors are believed to be holding the victims.

The victims were kidnapped on May 15, 2026, when armed men launched coordinated attacks on Baptist Nursery and Primary School in Yawota and two nearby schools.

Security officials said the ongoing operation has significantly restricted the movement of the kidnappers by sealing major escape routes within the forest.

“The operation has reached a critical stage. The criminals are under immense pressure and are finding it increasingly difficult to move freely,” a security source disclosed.

Intelligence reports further indicate that the kidnappers have become desperate, with investigators linking the killing of one abducted teacher to attempts to intimidate authorities and influence negotiations.

Although the abductors initially demanded ransom payments and the release of detained associates, sustained pressure from security forces is said to have weakened their position.

Security agencies remain hopeful that ongoing operations will lead to the dismantling of the criminal network and the safe rescue of the remaining captives.

A senior security official reaffirmed the government’s commitment to combating insecurity, stating that criminal groups would not be allowed to find safe havens anywhere within the country.

The consideration of a renewed cashless policy comes amid growing calls for innovative strategies to curb kidnapping, improve financial intelligence, and strengthen national security.