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CBN set to implement second phase of cash-less policy in five states, FCT

By on September 25, 2013

The Central Bank of Nigeria(CBN),says it has concluded arrangements for the implementation of the second phase of its cash-less policy in five states of the federation and FCT.

Chidi Umeano, the Head of Shared Services Office of the CBN, told the News Agency of Nigeria (NAN), in Awka on Tuesday that the second phase of the policy had been scheduled to take-off in Anambra, Abia, Kano, Ogun, Rivers and Abuja from Oct.1.

NAN recalls that the apex bank had deferred the implementation of the second phase of the policy in those states, earlier scheduled to commence July 1.

Umeano said that the CBN had concluded its sensitisation tour of the states proposed for the next phase of the programme, adding that appeals for postponement might not be entertained.

“The policy is on course and we are ready. We have concluded sensitisation in all the five states and FCT. By Oct.1, implementation will kick-off as proposed.

“We will do what the stake holders want; we are not out to punish anybody.Our interest is to make the payment system function effectively in the interest of the economy, and will ensure that everybody is happy,” he said.

Umeano however appreciated the need for the telecommunication system to be effective to ensure the smooth implementation of the policy,assuring that CBN was collaborating with the Nigerian telecommunication Commission to avert hitches.

“We have taken note of the challenges, especially infrastructure, and we are aware they exist, but we must move on. We cannot wait until every thing is right.

“We are working with the NCC to enhance the effectiveness of this policy because efficient telecommunication is key to the success of the programme,” Umeano said (NAN)