Review of ‘Cashless Lagos’ scheme to precede nationwide implementation

CBN says an assessment of the Cashless Lagos scheme will determine the implementation of the policy in other states of the federation.

The Central Bank of Nigeria (CBN) says it is conducting an assessment of the ‘Cash-Less Lagos’ scheme, to determine when to introduce it in other states of the federation.

The Director, Banking and Payments System Department of the CBN, Dipo Fatokun, made the disclosure in an interview on Tuesday in Lagos.

Mr. Fatokun said that the success of the pilot scheme of the policy would assist the apex bank to determine what to do in the next phase of the scheme.

He said that an assessment of the policy carried out recently, revealed that the policy had recorded some success.

According to him, the success of the pilot scheme will also assist the regulator in implementing the policy nationwide.

Mr. Fatokun said that the CBN had identified some challenges facing the policy, noting that the recognition of the challenges would help in identifying future problems.

He expressed optimism on the preparedness of the CBN to confront whatever “setback” might arise in the implementation of the policy in other states.

The director, however, did not disclose when the policy would start in other states. He said that only the board and management of the CBN could determine that.

“Once we get it right in Lagos, we will get it right in other states.

“An assessment is being done to see how well we have performed in Lagos but the truth of the matter is that we are not doing badly. We are doing well.

“So, when the board and the management choose, we can decide where to go and when to go”, Mr. Fatokun said.

He said that the CBN would soon introduce multi-functional Automated Teller Machines (ATMs), having features obtainable in ATMs currently in use.

Mr. Fatokun explained that the new ATMs were designed to accept deposits from customers and credit their accounts immediately after transactions were done on it.

“You will now be seeing multi-functional ATMs that can take money from customers.

“The new ATMs are designed that instead of going to banking halls to deposit, you make use of it by filling your data and your account will be credited immediately,” he said.

The director said that the innovation would assist the cash-less policy and reduce man-hours wasted in attending to customers coming to banks for deposits.

He said that another advantage of the facility was that it would reduce long queues of customers, trying to deposit cash in banks.

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