• Moves to license shared cash hub operators
• Considers areas with large banking activities
• To accommodate individuals, corporate entities with huge cash needs
• Restricted to transaction,s not below N500,000
The Central Bank of Nigeria (CBN) has commenced a grand plan to wean deposit money banks (DMBs) off the historical risk and cost of cash management, a new document issued by the regulator has revealed.
The apex bank, experts and industry players have expressed worry over the rising cost and risks of cash handling. This led to a potpourri of policies aimed at advancing the cause of cashless transactions, with the current and former central bankers admitting the system must find a way to reduce the cost and risk.
There have been challenges accessing cash at Automated Teller Machines (ATMs), with the situation degenerating into a crisis point during the recent Yuletide. Inside sources have hinted that the banks were becoming increasingly worried about…
Source: Guardian Newspaper
