Is Nigeria Really Going Cashless?
In 2012, the Central Bank of Nigeria introduced its Cashless Policy. It aimed to reduce the volume of cash in circulation, and encourage a general switch to electronic payment systems. Other stated purposes included granting the informal economy greater access to credit, increased tax collections, and making monetary transactions more traceable (thus deterring corruption). […]
How the New Finance Bill Will Impact Your Business
Soon, you’ll need a Tax Identification Number (TIN) to open a bank account in Nigeria. But you won’t be paying that irksome ₦50 charge on PoS transactions anymore- unless you’re transferring more than ₦10,000. These are just two of the many changes to the country’s tax system that could be coming into effect shortly. It’s […]
CBN Suspends Cashless Policy in 30 States
The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria Policy in 30 states of the federation. This came exactly 21 days after the CBN commenced the nationwide implementation of the cashless policy on April 1, 2017. In a circular signed by the Director, Banking and Payment […]
National Orientation Agency Urge Nigerians to Embrace Cashless Policy
Following the kick-off of the cashless policy of the Central Bank of Nigeria, CBN, on July 1, the National Orientation Agency, NOA, has urged Nigerians to embrace the policy. Mr. Isaac Onukwube, the Enugu State Director of the agency who stated this said the policy would reduce fraud while speaking with newsmen at a press […]
Cashless Policy to Finally Kick Off Across Nigeria Come July 1- CBN
Nigeria’s Apex Bank and banking sector regulator, Central Bank of Nigeria, says the take-off of the third and final phase of the cashless policy in 30 states in Nigeria will kick off July 1, 2014. CBN stated this in a press statement, which also stated that the decision to roll off the policy in the […]
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 […]
8 in 10 Nigerians Support New National ID Card Scheme
A recent poll released by NOIPolls has shown that about 8 in 10 Nigerians are in support of a new identification (ID) card scheme. Of those polled in the research, 60 percent implied that the ID cards will serve as a means of identification and proof of citizenship. The results also revealed that about 58% of […]
CBN Defers Cashless Policy Charges for States, Till October
The Central Bank of Nigeria has deferred the implementation of Cashless Policy charges on lodgments and withdrawals in Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States so as to allow customers adjust to the new policy. The charges stated below would now take effect from the 1st October, 2013. Deposit Withdrawal Individual 2% […]