CBN asks banks to begin cashless policy enlightenment in 30 states | Bizness Watch



CBN asks banks to begin cashless policy enlightenment in 30 states

The Central Bank of Ni¬geria (CBN) has direct¬ed all deposit money banks (DMBs) to immedi¬ately begin enlightenment of phase III nationwide roll¬out of cashless policy, ahead of July 1, 2014 extension to 30 remaining states.
The cashless policy which commenced in Lagos in 2012 was July extended to the Federal Capital Territory, Kano, Rivers, Ogun, Abia and Anambra states, and by July 1, 2014 it would be rolled out in the remaining 30 states of the federation.
In a circular to all banks signed by Dipo Fatokun, director, banking and pay¬ments system department, CBN, on ‘Phase III Nation¬wide Rollout of Cashless Policy: Extension to 30 Re¬maining States’, the CBN said banks in the affected states are expected to im¬mediately commence series of activities as a prelude to the implementation by July 1, 2014.
Such activities include the enlightenment of their customers on the cashless policy, including the exist¬ing limits on cash with¬drawal and deposit for indi¬viduals, and corporate bod¬ies, as well as the available payment options, training of their staff in the affected states on the policy, in order to provide answers to en¬quiries, give useful advice and handle issues and com¬plaints on the policy.
Other activities are me¬dia communications by banks, to complement the existing CBN and Bank¬ers’ Committee media and publicity campaigns, and engagement of banks’ key customers and other stake¬holders in these states.
Par of the circular reads: “All banks are to please ensure that their cash-less teams in the affected states liaise properly with the shared services office of the CBN, for necessary clarifica¬tions and further assistance, if required”.
In another development, the CBN through the De¬velopment Finance depart¬ment said the cumulative disbursement of Power and Airline Intervention Fund (PAIF) as at December 31, 2013 was N232.65 billion.
A breakdown of the disbursement shows that airline got N116.92 billion while power received N115.73 billion.

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