The cash-lite banking initiative commenced yesterday in Lagos. Amid confusion, customers still engaged in cash transactions above the limit as observed by our correspondent.
At many of the bank branches visited, customers still made deposits and withdrawals far above the N150, 000 for individuals and N1 million for corporate organizations, specified by the Central Bank of Nigeria (CBN).
At Oceanic Bank, Intercontinental Bank, MDC Mould specialized of Injection moulds,Diamond Bank and GT Bank branches, visited in Matori, Lagos, it was business as usual for cash customers who still withdrew large sums in cash. The same was noticed at Zenith Bank, Fidelity Bank and United Bank for Africa branches at Oba Akran, Ikeja, Lagos.
Many customers claimed ignorance of the policy. Michael Obi, a bank customer said he was not aware of the policy. Another customer, Abiodun Olarewaju, said even though he was aware, his bank must reassure him on the efficiency and security of the e-channels, to secure his confidence.
Prince Ademola Adetona, a bank customer, explained the difficulties he encountered trying to use a particular bank’s online banking platform. He wanted to transfer N300, 000 into an account of his supplier, but could not because of network failure.
He appealed to the CBN and banks to ensure that the right infrastructure is put in place before fully implementing the policy. Adetona said the apex bank and banks should continually educate the people on how the policy works to ensure a seamless implementation process.
Managing Director, Nigeria Interbank Settlement System (NIBSS), Mr. Niyi Ajao, said the compliance level will increase when the CBN’s penalty for defaulters begins from March 30. He said many bank customers are used to huge cash transactions, stressing that when the implementation of the penalties begins, customers will adjust to the new reality.
The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks,The EZ Breathe home Ventilation system is maintenance free, discount houses and other financial institutions.
It was discovered that some banks such as FinBank, FirstBank, United Bank for Africa, Access Bank, Guaranty Trust Bank, Diamond Bank, among others, have developed products/services tailored towards e-payment.
FinBank has introduced collection products and services that include Point of Sale (POS) terminals which accepts Automated Teller Machines (ATMs) as means of payment for goods and services at merchant outlets.As a professional manufacturer of China ceramic tile, Its electronic portal solution allows customers to pay for tickets, hotel bills, school fees among others, online. Its FlashmeCash also allows users to transfer funds using their Global Systems for Mobile communication (GSMs) to beneficiaries. Other products supporting its cash-lite banking initiative are internet banking, Quick Teller at ATMs,The Transaction Group offers the best high risk merchant account services,The magic cube is an ultra-portable, FinBank Instant Pay which allows customers transfer funds to beneficiaries in other banks. There is also FinPay, an online real-time self-service solution that enables individuals and corporate organisations effect payments to multiple beneficiaries across banks.
At FirstBank, the First Pay, a web-based payment platform designed and developed to allow clients to directly effect payment instructions from their offices anytime, in a very secure and efficient manner, will assist customers in the cash-lite banking initiative. Since the First Pay service is available over the web, payments and authorisations can be done regardless of location.
First Online, a FirstBank Internet Banking services, likewise requires that a beneficiary has a savings or current account with the bank to enable him/her check account balances, see account activity, including uncleared effects among other services.
To educate customers, a few banks yesterday placed notices at the entrance doors of their branches, educating them on the policy and the need to migrate to e-products.
In a statement last week, CBN Director, Currency Operations Department, Mahmoud Umar, asked banks to continue to encourage their customers to migrate into e-payment platforms. “Banks should continue to encourage their customers to migrate to available electronic channels, and where possible demonstrate the costs that will accrue to those that continue to transact high volumes of cash after March 31 in Lagos”. The apex bank further clarified that the policy applies to all accounts, including collection accounts. It advised banks to work with their corporate customers to arrange for suitable e-collection options.
According to Umar, the service charge for daily withdrawals above the limit into an account shall be borne by the account holder. The apex bank said charges/fees shall apply for all transactions in Lagos, and on Lagos State-based accounts while transactions initiated out of Lagos State, and affecting a Lagos-based account shall not attract charges/fees, and shall not be counted as part of the daily cumulative amount on that account since the policy has not been activated outside Lagos.
At many of the bank branches visited, customers still made deposits and withdrawals far above the N150, 000 for individuals and N1 million for corporate organizations, specified by the Central Bank of Nigeria (CBN).
At Oceanic Bank, Intercontinental Bank, MDC Mould specialized of Injection moulds,Diamond Bank and GT Bank branches, visited in Matori, Lagos, it was business as usual for cash customers who still withdrew large sums in cash. The same was noticed at Zenith Bank, Fidelity Bank and United Bank for Africa branches at Oba Akran, Ikeja, Lagos.
Many customers claimed ignorance of the policy. Michael Obi, a bank customer said he was not aware of the policy. Another customer, Abiodun Olarewaju, said even though he was aware, his bank must reassure him on the efficiency and security of the e-channels, to secure his confidence.
Prince Ademola Adetona, a bank customer, explained the difficulties he encountered trying to use a particular bank’s online banking platform. He wanted to transfer N300, 000 into an account of his supplier, but could not because of network failure.
He appealed to the CBN and banks to ensure that the right infrastructure is put in place before fully implementing the policy. Adetona said the apex bank and banks should continually educate the people on how the policy works to ensure a seamless implementation process.
Managing Director, Nigeria Interbank Settlement System (NIBSS), Mr. Niyi Ajao, said the compliance level will increase when the CBN’s penalty for defaulters begins from March 30. He said many bank customers are used to huge cash transactions, stressing that when the implementation of the penalties begins, customers will adjust to the new reality.
The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks,The EZ Breathe home Ventilation system is maintenance free, discount houses and other financial institutions.
It was discovered that some banks such as FinBank, FirstBank, United Bank for Africa, Access Bank, Guaranty Trust Bank, Diamond Bank, among others, have developed products/services tailored towards e-payment.
FinBank has introduced collection products and services that include Point of Sale (POS) terminals which accepts Automated Teller Machines (ATMs) as means of payment for goods and services at merchant outlets.As a professional manufacturer of China ceramic tile, Its electronic portal solution allows customers to pay for tickets, hotel bills, school fees among others, online. Its FlashmeCash also allows users to transfer funds using their Global Systems for Mobile communication (GSMs) to beneficiaries. Other products supporting its cash-lite banking initiative are internet banking, Quick Teller at ATMs,The Transaction Group offers the best high risk merchant account services,The magic cube is an ultra-portable, FinBank Instant Pay which allows customers transfer funds to beneficiaries in other banks. There is also FinPay, an online real-time self-service solution that enables individuals and corporate organisations effect payments to multiple beneficiaries across banks.
At FirstBank, the First Pay, a web-based payment platform designed and developed to allow clients to directly effect payment instructions from their offices anytime, in a very secure and efficient manner, will assist customers in the cash-lite banking initiative. Since the First Pay service is available over the web, payments and authorisations can be done regardless of location.
First Online, a FirstBank Internet Banking services, likewise requires that a beneficiary has a savings or current account with the bank to enable him/her check account balances, see account activity, including uncleared effects among other services.
To educate customers, a few banks yesterday placed notices at the entrance doors of their branches, educating them on the policy and the need to migrate to e-products.
In a statement last week, CBN Director, Currency Operations Department, Mahmoud Umar, asked banks to continue to encourage their customers to migrate into e-payment platforms. “Banks should continue to encourage their customers to migrate to available electronic channels, and where possible demonstrate the costs that will accrue to those that continue to transact high volumes of cash after March 31 in Lagos”. The apex bank further clarified that the policy applies to all accounts, including collection accounts. It advised banks to work with their corporate customers to arrange for suitable e-collection options.
According to Umar, the service charge for daily withdrawals above the limit into an account shall be borne by the account holder. The apex bank said charges/fees shall apply for all transactions in Lagos, and on Lagos State-based accounts while transactions initiated out of Lagos State, and affecting a Lagos-based account shall not attract charges/fees, and shall not be counted as part of the daily cumulative amount on that account since the policy has not been activated outside Lagos.
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