CBN puts nationwide cashless policy rollout on hold

CBN puts nationwide cashless policy rollout on hold

The Central Bank of Nigeria (CBN) in agreement with the Bankers Committee on Friday put on hold the roll out of cashless policy exercise nationwide.

This is against the background of the plan to embark on infrastructural development in other states such that when it is rolled out, it will be without challenge to customers and to the banking public generally.

Currently cashless Nigeria is running in five States plus the federal capital territory. The states are Lagos, Ogun, Anambra, Rivers and Kano plus Abuja.

“Apart from cash the banking sector has invested a lot of money in building infrastructure to enhance safe transactions on e-payment platform. For instance we have the mobile payment and it is working efficiently within and outside the country. We encourage all the customers to migrate a whole lot of their transactions to these platform because it guarantees safety of money”, Segun Oloketuyi, managing director/CEO Wema Bank plc said while addressing the media after the Bankers Committee meeting held in Lagos.

Others who addressed the media after the meeting include Segun Agbaje, managing director/CEO Guarantee Trust Bank plc, Mary Akpobema, managing director, Enterprise Bank limited, and Ibrahim, Mu’azu, director, corporate communication, CBN.


Agbaje who addressed the issue on domiciliary account as discussed by the committee said the operation of domiciliary account still remain very the same where a customer have vested access to his money.

“It means you can transfers money to and out of your domiciliary account without any restrictions. The only thing that is changed on domiciliary account is payment of cash dollar into your domiciliary account, every other thing remains the same in terms of operation of domiciliary account”, he said.

The committee also discussed issues bothering on delinquent debtors saying they have been receiving responses as they expect. They also agreed to follow up with sanctions to be meted on the directors of the firms that are published as delinquent debtors.

Tokunbo Martins, director, banking supervision, who was represented by Kolawole Balogun of CBN said the publication is not at the instance of the Central bank but at the instance of the bankers committee.

“Members agree that one way of ensuring delinquent loans are reduced in the financial system is to embark on name and shame strategy. It does not end there; there are sanctions that we are going to follow up on the directors of the companies owing this debt. These are market sanctions to ensure that their outstanding obligations are reduced”, he said.



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1 Comment

    Mazi Jude O. Obasi
    August 11, 2015 at 2:02 am Reply

    Someone is thinking to put this cashless policy on hold. This is not to belittle the efficient impact on our payment system. It is something very worthwhile when conceptually we view about 85% of the population is registered in the Banking system. How do you operate a cashless policy on a population of about 170million people where less than 30million use accounts in the Banks? We are hearing cashless, some people are going to do the reconciliations invariably in the Banks and other agencies of intermediation. It is going to be National and non segmented in outreach. will suggest Banks go out there and solicit the near 140million non-Banking public to come in before the policy goes into effect. Our proposals are always bold but lopsided in timing to excellence.

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