CBN formally announces roll out of cashless policy nationwide

The central bank has formally announced it will on July 1, 2014 roll out its cashless policy nationwide, having successfully completed phases 1 and 2 of the cash-less policy in six pilot states and the Federal Capital Territory.

The bank also announced that a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for rollout in this phase, as was done in the pilot states.

This means that withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers States and the Federal Capital Territory (FCT).

In a statement signed by Isaac A. Okorafor on behalf of the CBN director, corporate communications department, the apex bank noted that
charges on withdrawals for both individual and NEWS 41 corporate account holders will only take effect in the 30 states from July 1, 2015.

It said the waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy, as well as additional sensitisation of various stakeholders on the merits of the policy.

“The management of the Central Bank of Nigeria hereby notifies all stakeholders and the general public that phase 3 of the policy’s implementation will commence as scheduled on July 1, 2014, in the remaining 30 states of the federation,” the statement noted.

Beginning with Lagos State, the CBN introduced the cashless policy in Nigeria in 2011 in order to ensure a more technology- driven banking
services that would get to everybody and offers all platforms for empowerment that will change the way people transact businesses and living generally in Nigeria.

The policy was basically conceived to help the payments system, drive financial inclusion in the country and government Vision 2020.