Cashless policy, when effectively operated, can help curtail the surge of illicit election financing by making it possible to track funds.
Vice-President Yemi Osinbajo, made the assertion when he received a delegation of the European Union, EU Election Observation Mission, led by Barry Andrews in Abuja.
His spokesman, Laolu Akande, in a statement said the EU Chief Observer is also a member of the European Parliament.
The statement added that Osinbajo acknowledged the serious difficulty in controlling election financing because of cash transactions, noting that there are still infrastructure issues required to be in place to ensure an efficient cashless system in the country.
On electoral offences, the Vice-President, who said the Electoral Offences Commission Bill was at the National Assembly, expressed his hope that it would begin a new regime of dealing with electoral offences, which would be helpful.
In his remarks, Andrews said the Mission would be monitoring the elections coming up next month, and hoped for a peaceful and fair electoral process.