31 March 2014

CBN Commences Cashless Policy In 30 States July 1

The Branch Controller of the Central Bank of Nigeria (CBN) Kaduna Branch Alhaji  Mohammed Gusau yesterday disclosed that the Cashless Policy introduced by the Central Bank of Nigeria which was successfully launched in Lagos in 2012, had yielded appreciable progress, adding that the implementation in the remaining States of the federation would commence on 1st July, 2014.
Alhaji Gusau who stated this in address delivered at the 2013 annual award/dinner night of the Kaduna Bankers Committee which held at the Kaduna Polo club house, murtala Mohammed Square also informed that CBN in collaboration with the Bankers’ Committee had implemented the policy in 5 selected states namely; Abia,Anambra, Kano, Ogun, Rivers States and the Federal Capital Territory in June, 2013.
According to him, the cashless policy is expected among others to reduce the cost of banking services, drive financial inclusion, reduce risk associated with cash handling and enable more transparency in payments.

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