Deposit Money Banks (DMBs) and other financial institutions have notified customers about their early closure on Friday February 22, due to the general elections scheduled for Saturday February 23.
The Federal Government of Nigeria has declared Friday, February 22, as public holiday, in preparation for the elections. However, those providing essential duties and bankers are excluded.
Some of the financial institutions which have sent out notices on the early closure include Access Bank plc, Stanbic IBTC, and Cowry Asset Management Limited.
The banks therefore direct customers to alternative channels for any transactions during the period of closure.
Read Also: https://businessday.ng/banking/article/cbn-advises-banks-on-aggressive-response-to-mpr-hike/
There are various electronic banking channels available to customers which include Automated Teller Machines (ATMs), Point of Sales (PoS), mobile banking, and internet banking among others.
The Central Bank of Nigeria in December 2011 introduced the cashless policy, which aims to curb some of the negative consequences associated with the high usage of physical cash in the economy, including high cost of cash, high risk of using cash, high subsidy, informal economy, inefficiency and corruption.
HOPE MOSES-ASHIKE
