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CBN to introduce cashless policy in July

22 April 2013, 07:30

Washington DC - The Central Bank of Nigeria (CBN) on Sunday said it would roll out the cashless policy in five  states and Abuja  in July to reduce movement of cash.

The CBN  Deputy Governor, Operations, Mr Tunde Lemo, made the plan known  in an interview with the News Agency of Nigeria (NAN) at the Spring Meeting of the World Bank and the international Monetary Fund in Washington DC.

"Cashless society is a huge success in Lagos and we are rolling it out in six locations by July 2013," Lemo said.

He named the six states as  Ogun, Anambra, Abia, Abuja, Kano and Rivers.

According to him, the apex bank is working hard to deal with the challenge of connectivity with the point of sales (POS) witnessed in Lagos.

He said the bank was also working with telecommunications agents and other stakeholders on how to boost connectivity in various locations

"We are going to also work on that as we roll out to the states," Lemo said.

"If we don't have strong enough GPRS, we will use other means to be connected.

"But we are looking beyond POS now. When you talk about cashless, there are actually five channels of cashless activity, POS is one element.

"The mobile banking will actually be the biggest volume driver in the six locations because  tele-density in Nigeria is high."

Lemo said CBN would rely more on mobile telephony and the instant payment and other e-payment of the commercial banks to drive the policy in the locations.

On currency sorting, he said it was not a CBN activity but one that should be borne by the commercial banks as part of logistic of carrying money around.


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