Cashless Policy to Start Nationwide July 1st, 2014 – CBN

The cashless programme introduced by the Central Bank of Nigeria, which has already been effected in a number of states across the federation, will be implemented nationwide by July 1st, 2014, according to the CBN. The cashless policy was introduced in order to reduce the dominance of cash in the monetary system. The first phase of the policy was introduced in Lagos in 2012 before it was extended to other states – Ogun, Rivers, Anambra, Abia, and Kano states as well as the Federal Capital Territory in July 2013. The Bankers’ Committee, on Tuesday, announced its resolution to extend the policy to all states of the federation at the start of the third quarter in 2014. Mr. Chidi Umeano, Head, Shared Services of the CBN, spoke to journalists at the end of the Banker’s Committee meeting held on Tuesday, stating that the resolution was taken due to the attained successes of the cashless policy in the states where the pilot phase was implemented. Umeano further stated; “A decision was reached today that the cashless initiative would now be deployed nationwide.  From the success we have recorded in those areas, we have now decided as an industry to move it to other states in the country. “In other words, by July 1, we are going live in all the states of the federation. As you well know, this is a critical part of the payment system modernisation and the success registered so far has been very impressive.”