CBN’s cash-less policy kick-off in six states today

The moderated cashless policy of the Central Bank of Nigeria (CBN) starts today in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers states.
Several commercial banks ahead of today’s take-off have been on sensitizing their customers through emails, text messages and formal letters, on the importance of the alternative payment options.
The policy, which was hitherto operational in Lagos State, is aimed at promoting the use of electronic-based transactions instead of cash for the payments for goods, services, transfers, among other services. The implementation of the “Cash-less Lagos”, as it is known, began on January 1, last year. It recorded improvements in the use of Point of Sale (PoS), Automated Teller Machines (ATMs) and other e-payment tools.
The service charges/fees did not apply until March 30, last year, to give people time to migrate to electronic channels and experience the infrastructure that has been put in place.
The CBN Deputy Governor, Operations, Mr Tunde Lemo said the policy is expected to drive development and modernise Nigeria’s payment system in these states