The Central Bank of Nigeria (CBN) says it is conducting an
\nassessment of the \u2018Cash-Less Lagos\u2019 scheme, to determine when to introduce it
\nin other states of the federation, even as it plans to introduce
\nmulti-functional ATMs.<\/p>\n
The Director, Banking and Payments System Department of the
\nCBN, Mr Dipo Fatokun, made the disclosure in an interview in Lagos.<\/p>\n
Fatokun said that the success of the pilot scheme of the
\npolicy would assist the apex bank to determine what to do in the next phase of
\nthe scheme.<\/p>\n
He said that an assessment of the policy carried out
\nrecently, had revealed that the policy had recorded some success.<\/p>\n
According to him, the success of the pilot scheme will also
\nassist the regulator in implementing the policy nationwide.<\/p>\n
Fatokun said that the CBN had identified some challenges
\nfacing the policy, noting that the recognition of the challenges would help in
\nidentifying future problems.<\/p>\n
He expressed optimism on the preparedness of the CBN to
\nconfront whatever \u201csetback\u201d that might arise in the implementation of the policy
\nin other states.<\/p>\n
The director, however, did not disclose when the policy
\nwould start in other states but said that only the board and management of the
\nCBN could determine that.<\/p>\n
\u201cOnce we get it right in Lagos, we will get it right in
\nother states.<\/p>\n
\u201cAn assessment is being done to see how well we have
\nperformed in Lagos but the truth of the matter is that we are not doing badly.
\nWe are doing well.<\/p>\n
\u201cSo, when the board and the management choose, we can decide
\nwhere to go and when to go. \u201c<\/p>\n
He said that the CBN would soon introduce multi-functional
\nAutomated Teller Machines (ATMs), having features obtainable in ATMs currently
\nin use.<\/p>\n
Fatokun explained that the new ATMs were designed to accept
\ndeposits from customers and credit their accounts immediately after
\ntransactions were done on it.<\/p>\n
\u201cYou will now be seeing multi-functional ATMs that can take
\nmoney from customers.<\/p>\n
\u201cThe new ATMs are designed that instead of going to banking
\nhalls to deposit, you make use of it by filling your data and your account will
\nbe credited immediately,\u201d he said.<\/p>\n
The director said that the innovation would assist the
\ncash-less policy and reduce man-hours wasted in attending to customers coming
\nto banks for deposits.<\/p>\n
He said that another advantage of the facility was that it
\nwould reduce long queues of customers, trying to deposit cash in banks.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) says it is conducting an assessment of the \u2018Cash-Less Lagos\u2019 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 […]<\/p>\n","protected":false},"author":43,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-50075","post","type-post","status-publish","format-standard","hentry","category-icttelecom"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/50075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50075"}],"version-history":[{"count":0,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/50075\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}