Skye bank kicks off cashless policy in Ogun

The people of Ogun State can commence cashless transactions.

Skye Bank, at the weekend, kicked off phase two of the Central Bank of Nigeria, CBN, cashless policy in Ogun State.

The Bank Regional Manager for the State, Femi Fatunmbi, made this known during an enlightenment television programme in Abeokuta, the state capital.

He highlighted the advantages inherent in the new policy and urged Nigerians to embrace it, just as he added that similar operation has commenced in four other states which include: Anambra, Abia, Rivers, Kano and the Federal Capital Territory.

The policy is coming barely a year after it was kicked off in Lagos in April, 2012 .

The policy emphasises less cash movement in business transactions with the CBN limiting the amount of money that an individual could receive through any bank’s counter in the country.


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Mr. Fatunmbi commended the CBN for the introduction of the policy which he said would assist and raise the standard of Nigeria’s economy as well as individuals and corporate bodies.

‘’I urged Nigerians to embrace it as it is not only convenient, but it is safe and secured. As an individual and corporate body, you stand a better chance of doing your business without the risk of being attacked by hoodlums,” he said.

He said that the new policy would not only recapture the money in the informal sector but also enhance the ability of the banks to grant credits to its numerous customers.

Mr. Fatunbi said his bank had deployed many solutions in its various branches across the country to ensuring the success of the policy and patronage of its customers.

He listed some of the alternative channels to include skye pay platform, online transaction, automated teller machine, (ATM), point of sale machine (POS), flit cash, a transaction which allows a customer to transfer money to a third party’s account without using cash.

The bank which received commendation from the CBN for a seamless roll out in Lagos also revealed that the new policy would assist the apex bank in reducing the money it spent on cash management, especially in destroying mutilated notes in the country.

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