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CBN, NIGCOMSAT drafts MoU on internet provision for cashless policy

08 May 2014, 14:07

Yola - The Central Bank of Nigeria (CBN) and NIGCOMSAT are drafting a memorandum of understanding (MoU) to provide effective Internet services to fast-track the cashless policy introduced by the apex bank.

Aaron Yaduma, Head of CBN’s Shared Services, disclosed arrangement at the ongoing cashless policy sensitisation embarked by the CBN in Yola.

Yaduma said the development was aimed at transforming national financial services into all areas of the country and to ensure prompt security in the sector.

“Discussion was entered into with NIGCOMSAT with the view to exploring other alternatives to the available GPRS network being used for the deployment of point of sells terminals (POSs).

“In view of the development, a Memurandum of Understanding has been drafted for NIGCOMSAT to provide Wi-Fi hotspots in the 774 local government areas," Yaduma said.

He said a pilot service was conducted in six states across the country and the concept had proved to be successful.

Yaduma said the apex bank plans to use Post Offices as agent centres for cashless transaction and other financial activity in order to leverage on existing assets.

He explained that the development would also assist to drive down cost of taking payments and financial services to rural Nigerians.

“Plans are underway to use Post Offices as agent centres in order to leverage on existing assets.

"This will further drive down cost of taking payments and financial services to rural Nigerians.

He, however, said that the CBN was making good progress in implementing a unique biometric customers identification solution for the industry.

-   NAN

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