Cashless Policy: Report ineffective PoS to NIBSS – Ajao

The Acting Managing Director, Nigeria Interbank Settlement System (NIBSS), Niyi Ajao has called on members of the banking public to report ineffective point of sale (PoS) terminals to the contact centre of the orginasation.

NIBSS is owned by all Licensed Deposit Money Banks in Nigeria and the Central Bank of Nigeria (CBN) and is a key player in interbank clearing and settlements in the country.

Stakeholders embrace CBN cashless policy extension

JOHNSON OKANLAWON AND KUNLE AZEEZ 20/03/2012 00:00:00

Okonjo-Iweala

* Apex bank revokes licences of 47 finance firms
Stakeholders in the epayment subsector have endorsed the decision of the Central Bank of Nigeria, CBN, to extend the commencement date of the cashless policy implementation till the end of the year. The decision suggests that inadequate deployment of point-of-sales terminals and automated teller machines have necessitated such an extension.

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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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.