culled from THE NATION | by Ayodele Aminu
Following the teething problems encountered by bank customers in their attempt to key into the cash-less banking initiative, which started on Monday in Lagos, the Central Bank of Nigeria (CBN) has called for a breakfast meeting with all the deposit money banks in the country.
The meeting, which will also have in attendance key officials of the Nigeria Inter-bank Settlement System (NIBSS), The Nation, gathered, will be held in Abuja tomorrow at the CBN head office. It will be chaired by the CBN Governor, Mallam Sanusi Lamido Sanusi.
Bank, according to information, are expected to explain the progress so far made on the cash-less Lagos; the status of their preparedness; inter-operability challenges and actual number of Point of Sale (PoS ) terminals deployed.
Other issues that will be discussed include charges for e-payment; structure of customers' support as well as handover of Pos to the companies that will maintain and support them.
Amid confusion occasioned by banks' financial year end that temporarily disrupted their operations, customers encountered difficulties in trying to use online banking platform of some banks. They could not transfer funds because of network failure.
Besides, customers still engaged in cash transactions above the limit.
At many of the bank branches visited, customers still made deposits and withdrawals far above the N150,000 for individuals and N1 million for corporate organisations, specified by the apex bank.
Managing Director, NIBSS, Mr. Niyi Ajao, said the compliance level will increase when the CBN's penalty for defaulters begins from March 30. He said many bank customers are used to huge cash transactions, stressing that when the implementation of the penalties begins, customers will adjust to the new reality.
The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and other financial institutions.
Key among the factors militating against the cash-less initiative is the deployment of PoS terminals – majority of which are being held at the ports by the Nigeria Customs Service (NCS).
Speaking on the sidelines of a seminar organised by the Committee of e-Banking Industry Heads (CeBIH) in Lagos last month, Deputy Governor, Operations at CBN, Tunde Lemo, said NCS was constituting a roadblock to the apex bank's target of deploying 40,000 PoS terminals by the end of last year to cater for settlement of transactions, alongside other electronic payment options
Lemo said the NCS classifies PoS terminals as 'cash registers' and so was demanding 20 per cent administrative charges on each terminal being imported by the commercial banks, and coordinated by the CBN instead of the usual five per cent.
He said this has significantly affected deployment of the terminals, ahead of initial implementation of the initiative in Lagos.
Lemo said attempts to make the Customs Service see reason had fallen on deaf ears, including written letters to the Comptroller-General of the Service. He, however, said CBN was ready to dialogue with the NCS but will invoke the aid of relevant political authority to arbitrate on the issue, if need be.
The apex bank had set a new target for commercial banks to roll out additional 75,000 Automated Teller Machines (ATMS) across the country by 2015 to encourage the cash-less economy policy of the apex bank.
Tags: CBN, mobile money, Cashless Nigeria, Cashless Lagos
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