Payment Solutions

Optimistic that the current bank-led cashless initiative of the Central Bank of Nigeria (CBN) will not crumble, with the absence of telecommunications operators (Telcos) playing a major role in the exercise, information technology (IT) expert has said the banks and the telcos will collaborate in the near future to further drive the initiative. President and […]

The Central Bank of Nigeria (CBN) spends N114 billion annually on printing, moving, sorting and destruction of bad currency notes, its Deputy Governor, Operations, Tunde Lemo said. Lemo, who spoke in Umuahia, Abia State, while sensitising the public on the need to embrace the cash-less policy, said the rising cost of cash management confirms the need […]

The Central Bank of Nigeria, CBN, has called for collaborative efforts from all stakeholders – the government, banks, other financial institutions, and individuals- for the success of its cash-less Nigeria policy. The regulatory body made this known today on Monday at a conference themed “Nigeria transiting to a cash-less society: Possibilities and Challenges.” The conference […]

Commercial banks have stopped cash evacuation services in states where the Central Bank of Nigeria has commenced its cash-less policy. The CBN commenced its cash-less policy in Lagos on April 1, 2012; and on July 1, 2013 in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers states. Under the policy, the CBN […]

Gradually but steadily, Nigerians appear to be coming to terms with the gains of the cashless policy of the Central Bank of Nigeria,many companies has joined the cashless mission, some are to make the payment industry dormant and mostly regretted by individual banking customers, while others their missions is still untold. Base on this issue at hand […]

The Central Bank of Nigeria is set enforce the Money Laundering Act to the letter. Already, the bank has asked banks, discount houses and development banks to forward the particulars of their chief compliance officers who are expected to, among other things, enforce the provisions of the Act. The CBN, in a circular posted on […]

Financial analysts have disagreed with the Central Bank of Nigeria over the imposition of 50 per cent Cash Reserves Requirement on all government deposits with commercial banks. They said the introduction of such additional instrument by the Monetary Policy Committee, which ended a two-day meeting in Abuja on Tuesday, would be ‘counterproductive.’ CRR is the […]

Mixed reactions have continued to trail the cashless policy introduced by the Central Bank of Nigeria (CBN) in January 2012. The implementation of the policy commenced in Lagos in 2012 but it was extended to the Federal Capital Territory (FCT), Rivers, Kano, Ogun, Anambra and Abia states in July 2013. While some die-hard cynics describe […]

The Central Bank of Nigeria (CBN) may lower its targeted trading range for the naira as dwindling foreign-exchange reserves and falling oil prices undermine its ability to halt the currency’s slide, FBN Capital Limited has said. Policy makers may adjust the exchange rate to within a three percentage-point band of N160 per dollar from N155 […]

THE Central Bank of Nigeria has reached an agreement with the E-Payment Providers Association of Nigeria E-PPAN to be their major partners in carrying out massive mobilisation and sensitisation of the grassroots as the cashless initiative moves to Abia, Anambra, Kano, Ogun, Rivers and  the Federal Capital Territory. The mobilisation will include series of interactive sessions […]