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Seven States Control 90% Of Cash Transactions - CBN - Business - Nairaland

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Seven States Control 90% Of Cash Transactions - CBN by dplomaticVal: 8:30am On May 29, 2013
CBN has said
Lagos and the six other
states control about 90
per cent of cash
transactions in the
country.
The other States are
Rivers, Anambra, Abia,
Kano, Ogun and the
Federal Capital Territory
(FCT).
The CBN Deputy
Governor, Operations,
Mr. Tunde Lemo,
disclosed this.
According to Lemo, this
was one of the factors
that necessitated the
planned extension of the
cashless policy to those
States from July 1, this
year.
He, however, pointed out
that there were still some
challenges with the
cashless project, saying
that most of them are
being resolved. Lemo
identified
interconnectivity as one
of the challenges.
Lemo said that besides
the use of alternative
channels of transactions
such as Point of Sales
(PoS), the cashless
project would be driven
through the telephone.
Lemo also said the
cashless policy had been
successful in Lagos,
adding that the number
of point of sale (PoS)
terminals in the state has
increased significantly
from about 5,000 when
the policy took off last
year, to over 150,000.
“We still have a few
challenges, but if I look
back, I really would say
that we have done a lot to
transform the payment
system in Lagos through
PoS,” he said.
The cashless policy,
whose implementation
began in Lagos in
January, last year, is
aimed at reducing the
dominance of cash in the
system. The policy
specifies penal charges for
individuals and corporate
organisations that want
to withdraw or lodge cash
above prescribed limits.
Under the policy, the
CBN pegged the daily
cumulative cash
withdrawal or deposit
limit for individual
accounts at N500,000
per day and N3 million
per day for corporate
accounts.
The Chief Executive
Officer, Electronic
Payment Providers
Association of Nigeria
(E-PPAN), Mrs. Onajite
Regha, had said the
coming on board on the
next phase of the cashless
policy in July may raise
the value of electronic
funds transfer in the
country to N160 billion
per day by the end of the
year. The E-PPAN boss
had also said that the
current value of
electronic fund transfers
– put at N80 billion per
day by the CBN, would
likely double because
more people would be
compelled to use e-Fund
transfer channels.

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Re: Seven States Control 90% Of Cash Transactions - CBN by Dreal1247: 8:36am On May 29, 2013
What are the other 29 states doing?
Re: Seven States Control 90% Of Cash Transactions - CBN by Nobody: 8:56am On May 29, 2013
Even with 5 states in its region against 6 or more in other regions, south east is perading 2 states. Think this goes to show where the economic strenght of the nation is rooted. And we can now accept that we have very industrious people in the south east.
Re: Seven States Control 90% Of Cash Transactions - CBN by Trut(m): 9:59am On May 29, 2013
Noted!

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