CBN To Introduce Multi-Functional ATMs

The Central Bank of Nigeria (CBN) says it is conducting an
assessment of the ‘Cash-Less Lagos’ scheme, to determine when to introduce it
in other states of the federation, even as it plans to introduce
multi-functional ATMs.

The Director, Banking and Payments System Department of the
CBN, Mr Dipo Fatokun, made the disclosure in an interview in Lagos.

Fatokun said that the success of the pilot scheme of the
policy would assist the apex bank to determine what to do in the next phase of
the scheme.

He said that an assessment of the policy carried out
recently, had revealed that the policy had recorded some success.

According to him, the success of the pilot scheme will also
assist the regulator in implementing the policy nationwide.

Fatokun said that the CBN had identified some challenges
facing the policy, noting that the recognition of the challenges would help in
identifying future problems.

He expressed optimism on the preparedness of the CBN to
confront whatever “setback” that might arise in the implementation of the policy
in other states.

The director, however, did not disclose when the policy
would start in other states but said that only the board and management of the
CBN could determine that.

“Once we get it right in Lagos, we will get it right in
other states.

“An assessment is being done to see how well we have
performed in Lagos but the truth of the matter is that we are not doing badly.
We are doing well.

“So, when the board and the management choose, we can decide
where to go and when to go. “

He said that the CBN would soon introduce multi-functional
Automated Teller Machines (ATMs), having features obtainable in ATMs currently
in use.

Fatokun explained that the new ATMs were designed to accept
deposits from customers and credit their accounts immediately after
transactions were done on it.

“You will now be seeing multi-functional ATMs that can take
money from customers.

“The new ATMs are designed that instead of going to banking
halls to deposit, you make use of it by filling your data and your account will
be credited immediately,” he said.

The director said that the innovation would assist the
cash-less policy and reduce man-hours wasted in attending to customers coming
to banks for deposits.

He said that another advantage of the facility was that it
would reduce long queues of customers, trying to deposit cash in banks.