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cashless policy
According to the CBN the cashless policy was introduced to modernise and develop Nigeria’s payment system in line with th vision 2020 goal, [ reduce cost of banking services which also involved moving around a lot of cash and improve the effectiveness of the monetary policy. While the CBN monetary policy does involve other rules such as allowing only licensed cash in transit (CIT) companies to provide cash pickup services we are concerned in this article with the cash withdrawal aspects and check issuing rules in the policy as it will affect your business. As the policy is set to take off
in Lagos by 30th March 2012 you should already be prepared to turn your business or company into a cashless or near cashless one and save costs in the process. Here’s how you can key into the Central Bank’s cashless policy and save money for your business. 1. Embrace Internet Banking 2. Start a Salary Payment Schedule: 3. Convert Your Foreign Currency Income Directly Without Withdrawing 4. Try Mobile Money~ - receive payments from clients more quickly. - pay people faster - pay for supplies/ services purchased straight from your phone. - send, withdraw and save money all from your mobile phone. ]
Expert answered|AngelInDisguise|Points 4477|
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Asked 2/20/2012 1:58:29 AM
Updated 2/28/2018 8:30:39 AM
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Cashless policy is a policy established in the year 2012 by the Central Bank of Nigeria to curb excesses in the handling of cash in Nigeria.
Added 2/28/2018 8:30:39 AM
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