TheNigerianVoice Online Radio Center

Banks ready their customers for Oct.1 take-off of cashless policy in Abuja, Anambra five other states

By The Rainbow


Banks have asked their customers in the six states where the Central Bank of Nigeria cashless policy will start on October1, to adjust to new processing charges.

The CBN said on Tuesday that it had concluded arrangements for the implementation of the second phase of its cash-less policy in five states of the federation and Abuja.

Chidi Umeano, the Head of Shared Services Office of the Central Bank, told the News Agency of Nigeria in Awka that the second phase of the policy had been scheduled to take-off in Anambra, Abia, Kano, Ogun, Rivers and Abuja from October1.

The apex bank had deferred the implementation of the second phase of the policy in those states, earlier scheduled to commence July 1.

Zenith Bank, in advisory note to its customers, asked them to brace up for new processing charges as the scheme takes off in their locations in accordance with CBN stipulations.

Zenith told its customers: 'From October 1st 2013, the full implementation of processing charges under the Central Bank of Nigeria’s Cashless Policy will take effect in the six (6) new cashless locations – Abia, Abuja, Anambra, Kano, Ogun and Rivers.

'Under the policy, cash transactions are subject to the processing charges indicated below, if they exceed CBN’s daily cash transaction limits of N500,000 for individuals and N3,000,000 for corporate bodies.

CLASS
PROCESSING CHARGES
DEPOSIT
WITHDRAWAL INDIVIDUAL
2%
3% CORPORATE
3%
5%
Zenith also urged its customers to embrace the use of cheques and bank drafts, transfers between banks, cards and point of sale terminals, internet banking, and mobile money.

 Zenith said that its ATMs, in addition to making withdrawals, enable  payment of bills and topping up airtime with your ATM card. . Umeano had said that the CBN had concluded its sensitisation tour of the states proposed for the next phase of the programme, adding that appeals for postponement might not be entertained.

'The policy is on course and we are ready. We have concluded sensitisation in all the five states and FCT. By October1, implementation will kick-off as proposed.

'We will do what the stake holders want; we are not out to punish anybody. Our interest is to make the payment system function effectively in the interest of the economy, and will ensure that everybody is happy,' he said.

Umeano, however, appreciated the need for the telecommunication system to be effective to ensure the smooth implementation of the policy, assuring that the Central Bank was collaborating with the Nigerian Communication Commission, NCC, to avert hitches.

'We have taken note of the challenges, especially infrastructure, and we are aware they exist, but we must move on. We cannot wait until everything is right.

'We are working with the NCC to enhance the effectiveness of this policy because efficient telecommunication is key to the success of the programme,' Mr. Umeano said.