Nigerian Bank Nigeria CBN Central Bank Of Nigeria – Cash-Less Policy CBN, Banks To Step Up Awareness

Source: Thisdayonline, Feb 1, 2012

Concerned by the seeming apathy that had trailed the cash-less policy which commenced in Lagos last month, the Central Bank of Nigeria (CBN) and the bankers’ committee had concluded arrangement to step up the level of awareness of the policy.

Sources at the meeting which was held in Lagos last week, informed THISDAY that the decision reached at the meeting was to aggressively improve the level of enlightenment on the policy before March 30th, when the service charges/fees will become effective. THISDAY learnt that the meeting had representatives from the CBN, the bankers’ committee and the media consultant on the policy.

The pilot phase of the new cash policy, which seeks to limit daily cash withdrawal/lodgement by individual and corporate organisations to N150, 000 and N1 million respectively, commenced in Lagos on January 1, 2012.

According to the CBN, the policy is expected to fast-track the development of the economy.

The source who pleaded to remain anonymous said: “we noticed that we were not achieving the desired objectives with the earlier campaign and we have decided to go full blast from this week.”

According to him, the challenges that had been identified with the pilot phase of the policy would all be tackled, saying that the banking sector and the bankers’ committee were working to ensure that bank customers derive benefit from the policy.

“All the banks have also ordered the importation of thousands of other alternative payment devices. So, we would get over whatever challenges we may be passing through soon,” he had added.

The CBN had explained that the decision to extend the date for the implementation of charges/fees to March ending was to give people time to migrate to electronic channels and experience the infrastructure that had been put in place.

“Therefore, banks should continue to encourage their customers to migrate to available electronic channels, and where possible demonstrate the costs that will accrue to those that continue to transact high volumes of cash after March 31st in Lagos,” the CBN had said in a recent statement.

According to the regulator, the new cash policy was introduced to: “drive development and modernisation of our payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020.

“An efficient and modern payment system is positively correlated with economic development, and is a key enabler for economic growth. To reduce the cost of banking services, drive financial inclusion by providing more efficient transaction options and greater reach.”

Nigerian Bank Nigeria CBN Central Bank Of Nigeria