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HomeNewsNigeria: Apex bank to begin cashless policy nationwide in July

Nigeria: Apex bank to begin cashless policy nationwide in July

Ahead of the commencement of the ‘cashless policy’ nationwide on 1 July, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to begin the public awareness campaign for the programme.

A statement pasted on the Bank’s official website noted that the cashless policy, which was first test run in the commercial city of Lagos in 2012 and later to six states, will now cover the entire country from next month.

“All banks are to please ensure that their cashless teams in the affected states liaise properly with the shared services office of the CBN for necessary clarifications and further assistance, if required,” the statement said.

PANA reports that the apex bank introduced the cashless policy in 2012 as a way of discouraging transactions involving huge cash.

It encourages the use of modern banking technology tools such as Automated Teller Machines (ATM), Point of Sales (POS), Internet Banking, seamless local and foreign transfer of funds.

Since its introduction and implementation in the commercial city of Lagos, the policy has faced challenges such as network failure due mainly to connectivity and infrastructure problem.

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