NIGERIA WILL BE BETTER OFF WITH CASHLESS POLICY- ELEGBE

Business/Finance | 5 March 2012By NBF News

Elegbe
 
Last year, the Central Bank of Nigeria (CBN) came up with the idea of cashless economy, saying that high dependence on cash for settlements has resulted in the inefficient allocation of resources and a low depth of financial intermediation. The CBN also frowned at the high usage of cash for settlements, which it said results in high costs for banks and other stakeholders. 

The policy is to begin as from June 2012, however, a pilot implementation was slated for Lagos, code-named 'Cash-less Lagos', which eventually took off last month.

The highpoints of the cashless banking policy is the pegging of daily withdrawals or deposits to a maximum of N150,000 per individual customer and N1 million for a corporate client. 

Lagos goes Cashless, are you ready?

As we prepare to go cashless in Lagos, please find a list of points you need to take note of;

• In line with the policy, Maersk Nigeria Limited will not accept cash payment from the 15th February, 2012. 
• Payment will be made through bank electronic transfer or Bank draft.
• With NIBBS and RTGS transfer, payment will be instant. 
• Only bank drafts from Zenith Bank, Fidelity Bank, GT Bank and Citibank will be acceptable.
• We will continue to honour cheques from cheque paying customers. 
• Please include the following details when you are making a payment online;

Manufacturers Task Banks over Cashless Nigeria

Lagos, Nigeria: The Manufacturers Association of Nigeria (MAN), the umbrella body of manufacturers in the country has expressed satisfaction with the level of preparedness by United Bank for Africa (UBA) Plc in support of the new cash-lite policy of the Central Bank of Nigeria (CBN), urging that more efforts be put in place to ensure that seeming challenges from e-platforms are mitigated.

This was disclosed in Lagos during a presentation by the United Bank for Africa (UBA) Plc to the manufacturers on the Cash-lite initiative at the Quarterly Annual Conference of the Association at the MAN House, Ikeja Lagos.