The Central Bank of Nigeria's (CBN)
cash-less policy has been extended to six states in Nigeria. It will commence
in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers
States from July 1, 2013.
The cash-less policy, is currently
operational in Lagos State, it aims at reducing the amount of physical cash
circulating in the economy, and encouraging more electronic-based transactions
(payments for goods, services, transfers, etc.).
The policy is expected to drive development and modernization of payment system within these States. Individuals and corporates will be encouraged to adopt electronic payment and banking options.
According to GTBank, the following modalities will thereby apply in the above mentioned States from July 1, 2013:
The policy is expected to drive development and modernization of payment system within these States. Individuals and corporates will be encouraged to adopt electronic payment and banking options.
According to GTBank, the following modalities will thereby apply in the above mentioned States from July 1, 2013:
* The
cash-in-transit lodgment and cash evacuation services will no longer be
available to
customers or merchants.
*3rd
party cheques above N150,000 shall NOT be eligible for encashment over the
counter.
Value for such cheques shall only
be received through lodgments into customer's account.
*For
individual account holders, charges will apply when daily withdrawals and
deposits are in
excess of N500,000
*For
corporate account holders, charges will apply when daily withdrawals and
deposits are in
excess of N3,000,000
So my fellow Nigerians oya join the train before it a leave u *winks*
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