NIBSS: CITs to Undertake Cash Management by June

22 Mar 2012

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CBN Headquarters

By Obinna Chima
The Nigeria Interbank Settlement System (NIBSS) has said that licenced Cash-in -transit (CIT) companies would take over cash management services in the country from June this year.

NIBSS also said it would soon implement the cheque truncation system aimed at phasing out physical clearing of cheques and reduce the clearing days for banks by at least one day.

Acting Managing Director, NIBSS, Mr. Niyi Ajao, made this remark yesterday, while speaking at the bi-monthly discourse of the Finance Correspondents Association of Nigeria (FICAN).
NIBSS is owned by all deposit money banks in Nigeria and the Central Bank of Nigeria (CBN). The body is a key player in inter-bank clearing and settlements.

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Bringing banking to your mobile phones..................your mobile your money 

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Bringing banking to your mobile phones..................your mobile your money

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Tapping into employment opportunities in mobile money industry

MARCH 19, 2012 BY DAYO OKETOLA LEAVE A COMMENT

Inadequate agent locations is one of the challenges facing the Nigerian emerging mobile money market, but as efforts are being made to address the problem, experts encourage Nigerians not to lose sight of the job opportunities available in the system, writes DAYO OKETOLA

According to the World Bank, over 40 million Nigerian youths are currently unemployed, lacking the wherewithal to keep body and soul together. While efforts are being put in place to reduce the country’s ever-widening unemployment gap, experts say the country’s fledgling mobile money system is capable of generating well over 250,000 jobs in the next three years.

Mobile money, which involves sending and receiving money via the mobile phones, is an aspect of the Central Bank of Nigeria’s cash-less policy aimed at transforming the Nigerian economy from cash-based to cash-less.

Apart from the availability of multiple payment channels such as the Automated Teller Machines, Point of Sale, and the web, mobile money is also expected to play a significant role in the entire cash-less initiative thereby reducing the huge cost spent on cash handling by the CBN annually.

Another key motive behind the cash-less policy is to provide financial inclusion to over 80 million Nigerians who have never been banked. Statistics from Enhnacing Financial Innovation & Access survey reveal that 63.5 per cent of adult males as well as 76.8 per cent of adult females in Nigeria are unbanked. Similarly, a significant 78.8 per cent of the rural population in the  country is unbanked. Generally, about 74 per cent of the country’s population has never been banked.

CBN reviews cashless policy, raises withdrawals/lodgments limits, extend pilot programme in Lagos to December, national roll-out defers to January 2013

By Ebenezer Ademola

March 19, 2012 16:09:21pm GMT

CBN building

WorldStage Newsonline-- The Central Bank of Nigeria (CBN) on Monday reviewed the ongoing Cash-less Policy in Lagos State by raising the daily cumulative withdrawals/lodgments limits of N150,000 and N1 million to N500,000 and N3 million on free withdrawals and lodgments by individual and corporate customers respectively

According to a statement by Mohammed Abdullahi, Head, Corporate Communications, CBN, having monitored the partial implementation of the Cash-less Policy in Lagos State and following discussions with various stakeholders on the effective implementation of the project, the apex bank had decided to reassess the policy to allow for smooth transition and adoption in Lagos State in the first instance, and the entire country at a later date.

Consequently, the CBN as a responsive institution has reviewed the policy as follows: Daily Cumulative Cash Withdrawals/Lodgments Limits: The daily cumulative limits of N150,000 and N1 million have been reviewed upwards to N500,000 and N3 million on free withdrawals and lodgments by individual and corporate customers respectively.

Cash-lite Lagos: Banks court churches with e-payment options

LAGOS – Banks in the country have commenced an aggressive marketing of their electronic payment services to religious houses, particularly churches, ahead of the March 31 deadline for the take-off of the cash-lite policy of the Central Bank of Nigeria, CBN, in Lagos.

Vanguard gathered that some of the banks have started making presentations to management and leaders of some churches on the use of non-cash instruments by their members to make payment for tithes and offerings.

The banks said the marketing campaign became necessary due to the fact that the policy allows no preferences for religious organisation, adding that any church or religious organisation that fails to adhere to the rules will be sanctioned accordingly.