It is a good policy but our attitude and mentality will not make it successful. We dont need the a crystal ball to confirm this.

Cash less Policy Frequently Asked Questions


1. When will the cash-less policy become operational in Lagos?
A. The policy is operational already. However, the penalty regime will commence by March 30, 2012.

2. When will the policy become operational nation-wide?
A. The policy will become operation nation-wide in June 1, 2012.

3. Who will pay the charges for deposits made into a customer’s account above the daily limit?
A. The account holder will bear all charges. However, where deposits is being made in Lagos into an account domiciled outside Lagos during the pilot phase, the depositor will bear the charges for such deposits where the amount being deposited is above the CBN  limit.


4. Will deposits made outside Lagos into Lagos accounts be charged if above the daily limit?
A. No. deposits made outside Lagos into Lagos accounts  during the pilot phase will not be charged. They will also not form part of the customer’s cumulative daily limit.


5. What are the limits for cash withdrawals and deposits?
A. N150,000 for individual accounts
B. N1,000,000 for corporate accounts
C. N150,000 for third party withdrawals


6. What are the charges for deposits and withdrawal above the CBN limit?
A.  10% of any amount in excess of the cumulative daily limit for withdrawal and deposits on individual accounts
B. 20% of any amount in excess of the cumulative daily limit for withdrawal and deposits on Corporate accounts


7. What constitutes cumulative limits?
A. Cash deposits and withdrawals across the counter and through ATMs
B. Cash deposited by licensed CIT companies.


8. What alternative channels can customers now use to make payments
A. ATMs
B. Point of Sale (POS) Terminals
C. Internet banking
D. Cheques
E. Electronic transfers eg RTGS, NEFT, NIBSS Instant payment, direct debit instructions
F. Online Collections via  Fidelity paygate/E-Pay and Paydirect.


9. Can third party cheques above N150,000 be cashed across the counter?
A. No. Value for such cheques can be received through the clearing house or account to account transfer.

10. Does the limit apply to FX deposits and withdrawals?
A. No. the policy applies to naira transactions only

11. Will customers outside Lagos be charged for deposits or withdrawals above the limit from March 30, 2012?
A. No. customers outside Lagos will only be charged when the policy becomes operational in their locations


12. How will the charges be applied?
A. System will be modified to apply the charges automatically as soon as the charge regime starts. Charges will be taken on accounts immediately as the transactions are being consummated.


13. Where a customer has reached his cumulative deposit/ withdrawal limit for the day, should subsequent deposits or withdrawal requests be rejected?
A. No. all deposits and withdrawals will be treated while the applicable charges will be taken on same.


14. How will the market women cope with their transactions since they are mostly cash driven?
A. The essence of the policy is actually to reduce cash transaction and move it to other channels. POS terminals will be deployed to their shops and their customers will make their payments using cards.

^^^^^^^ dude do you expect any1 to read this your long sermon

Hunkyimage: :Dimagine say u wan buy garri,u come dey press fone or laptop 4 mama caro front,lol!

o boy! i tell you mama caro no go gree ooo!

Hello People,

The move towards a cashless Nigeria provides the opportunity to build the critical electronic payment systems and culture that would enable software developers and tech entrepreneurs monetise their products. At the core of the CBN-led initiative to drive towards a cashless society lies the Nigerian Inter-Bank Settlement Systems (NIBSS) Plc.

NIBSS Plc is a company jointly owned by all licensed banks including the Central Bank of Nigeria (CBN) and discount houses. NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.

At the July Developers Parapo, Mr Ade Shonubi, MD/CEO of NIBSS PLC will share with the tech community more insight into what NIBSS does and their plans towards expanding the opportunity for creators of digital content to seamlessly integrate payment options into their solutions.

This should provide the opportunity to get answers to any lingering questions you may have on why electronic payment hasn't quite reach the desired state in this market.
As is our custom, there will be plenty to eat and drink while networking with inspirational players in the Nigerian tech scene.

Date: 27th July 2012
Time: 5.30pm - 8.30pm
Venue: Co-Creation Hub, 6th Floor, 294 Herbert Macaulay Way, Sabo, Yaba.

Here is the invite link to book a space>>>> http://julydevparapo.eventbrite.com/

Developers Parapo is an event where Nigerian web and mobile application developers network, share and gain knowledge required to start and grow viable businesses. We’ll bring industry experts from Nigeria and across the world to the events to share key insights that will grow the Nigerian application development ecosystem. Developer Parapo is an event of CcHub Nigeria (Nigeria’s first open living lab)

There's going to be a huge problems with this cashless society! We've no internet in this nation nigeria, how will it work? If u want to withdrawn morethan 150k the bank we charge #100 per 1000 na that one go bring d first trouble, and market women that go to village markets to buy from d villagers, some of them buy half a lorry how would they cope? Make una tell sanusi o.hmnnnnnnnnnnn