Cashless Policy to Start Nationwide From July 1

The Bankers’ Committee resolved to extend the cashless policy to all states in the country from July 1, 2014.

Speaking to journalists at the end of a meeting by the committee on Tuesday in Lagos, the Head, Shared Services, Central Bank of Nigeria (CBN), Mr. Chidi Umeano, said the decision was taken as a result of the success recorded in states where the policy had been executed.

Mr. Umeano further explained that a decision was reached today that the cashless initiative would now be deployed nationwide According to him; statistics have shown that there been a significant improvement in electronic banking channels. He put the daily value of transactions on the Nigerian Electronic Fund Transfer at N123 billion and N50 million for Point of Sale (PoS).

The cashless policy aims at reducing the supremacy of cash in the system. It was originally introduced in Lagos in 2012 and thereafter, was extended to Ogun, Rivers, Anambra, Abia, Kano states as well as the Federal Capital Territory last July. From the success we have recorded in these areas, we have now decided as an industry to move it to other states in the country. In other words, by July 1, we are going live in all the states of the federation. As you well know, this is a significant part of the payment system modernisation and the success registered so far has been very remarkable.”

Also speaking at the event, the Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe, said the Bankers’ Committee would launch a biometric solution by Friday.

The Access Bank boss stated that the committee over the years, been working on improving Know-Your-Customers (KYC) in the industry. This, he said would fight money laundering and promote consumer lending.

Hopefully with this, all the banks would be able to strengthen their KYC and to combat money laundering and of course prevent fraud,” Wigwe said.