The Central Bank of Nigeria recently released a new policy on cash-based transactions that attract a cash handling charge for daily cash transactions above N500,000 for individuals and N3,000,000 for corporate organisations. The new policy aims to increase the adoption of electronic payments and reduce the amount of physical cash circulating in the economy.
The apex bank stated that the policy encourages a reduction in the cost of banking services, drives financial inclusion, makes monetary policy effective in managing inflation, drives to modernise payment systems, and enables economic growth.
In line with the policy, and reducing reliance on cash transactions while promoting financial inclusion by increasing the availability of electronic payment options, Stanbic IBTC Bank invites the public to take advantage of its existing digital solutions and payment platforms that have been tailored to meet the needs of our clients. These include the enhanced Point of Sale (POS), NQR, Stanbic Payment Gateway Service, Pay with Transfer, Pay with link.
Speaking on the policy and its benefits, Omolara Osunsoko, Head, of Partnerships, Stanbic IBTC Bank, said the digital evolution in the financial sector has seen increasing changes with a move towards technology-driven delivery channels. This holds great promise as a means to enable financial inclusion and thus help improve citizens’ lives. The policy will be beneficial to consumers and merchants as we transition to a digital way of transacting that is convenient, secure and seamless. It will also help minimize financial risks and support business operations and reconciliation.”
Omolara also reiterated Stanbic IBTC’s commitment to financial inclusion over the years through digital and electronic solutions that simplify cashless transactions while offering an excellent banking experience for its customers.
Olutimi Ibrahim, Head of Digital and eCommerce, Stanbic IBTC Bank, noted the Bank’s commitment to supporting the Central Bank’s cashless policy initiative and living up to its responsibilities of innovating alternative payment solutions.
He said, “At Stanbic IBTC, we stand for innovative banking. This leads to creating digital solutions and optimising our platforms to perform instant transactions, eliminating the need to visit a branch. With the CBN’s directive on cashless policy, we are offering customers an array of electronic payment options for a seamless digital banking experience.”
“We are also committed to easing our customers’ transition to a cashless society. We will continue collaborating closely with the CBN to ensure that Nigerians can access the financial services they require.”
Stanbic IBTC Bank is dedicated to making Nigeria more prosperous, and financially inclusive and encourages Nigerians to take advantage of its electronic services.
Visit Stanbic IBTC Bank to learn more about its digital products.