Cashless policy on depositwithdrawal extends to 30 more states cbn
The Central Bank of Nigeria (CBN) has announced that its cashless policy on deposit and withdrawal will be extended to 30 more states in the country.
The cashless policy, which was initially introduced in Lagos and Abuja, aims to reduce the use of cash transactions and promote electronic payment systems. The policy requires banks to charge a fee on cash withdrawals above a certain threshold, with the goal of encouraging customers to use digital payment methods instead.
The extension of the policy to 30 more states is part of the CBN's efforts to deepen financial inclusion and reduce the use of cash in the economy. The policy is expected to have a significant impact on the way people conduct transactions in the affected states, and could potentially lead to a reduction in the use of cash and an increase in the use of digital payment methods.
The 30 states that will be affected by the policy are:
- Abia
- Adamawa
- Akwa Ibom
- Anambra
- Bauchi
- Bayelsa
- Benue
- Borno
- Cross River
- Delta
- Ebonyi
- Edo
- Ekiti
- Enugu
- Gombe
- Imo
- Jigawa
- Kaduna
- Kano
- Katsina
- Kebbi
- Kogi
- Kwara
- Nasarawa
- Niger
- Ogun
- Ondo
- Osun
- Oyo
- Plateau
The CBN has also announced that it will be introducing a new category of accounts called "cashless accounts" which will be designed specifically for individuals who do not have access to digital payment methods. The cashless accounts will allow customers to make transactions using a combination of cash and digital payment methods.
The extension of the cashless policy is expected to have a significant impact on the Nigerian economy, and could potentially lead to a reduction in the use of cash and an increase in the use of digital payment methods.