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Published On: Mon, Jun 30th, 2014

‘CBN begins cash-less policy nationwide today’

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CBN cash-less policyBy Etuka Sunday

Central Bank of Nigeria (CBN) today began the full implementation of  cashless policy nationwide.

This was contained in the earlier statement issued the Director, Corporate Communications Department, Isaac A. Okorafor recently. The Apex bank said, “Having successfully completed phases 1 and 2 of the cash-less policy in six Pilot States and the Federal Capital Territory, the Management of the Central Bank of Nigeria hereby notifies all stakeholders and the general public that phase 3 of the policy’s implementation will commence as scheduled on July 1, 2014, in the remaining 30 States of the Federation. “However, as was the case in the Pilot States, a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for rollout in phase 3.  This means that withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers States and the Federal Capital Territory (FCT). “Therefore, charges on withdrawals for both individual and corporate account holders will only take effect in the 30 States from July 1, 2015. This waiver is to allow ample time for the deployment of

adequate infrastructure needed to support the policy, as well as additional sensitization of various stakeholders on the merits of the policy.

All financial institutions and the general public should please take note. It would be recalled that the cashless policy was introduced in January 1, 2012 by the former CBN’s governor, Mallam Sanusi Lamido Sanusi as a pilot scheme in Lagos.

The aim he said was “to drive development and modernization of 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 posi tively correlated with economic development, and is a key enabler for economic growth. “To reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach.

“To improve the effectiveness of monetary policy in managing inflation and driving economic growth.

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