CASHLESS POLICY !!

CBN puts nationwide cashless policy roll out on hold
Source: Business Day
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 infra structural 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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