Cashless Nigeria: To enforce the planned cashless policy that would enhance the efficiency and security of the payment system in the country ,the Central Bank of Nigeria(CBN) has declared January 9 for the commencement of the full implementation of the electronic payment in all SMEs,public and private sectors in the country.
The apex bank gave this directive in a memo signed by the CBN Acting Director,Banking and Payment system department, Mr Gaius Emokpae tagged ‘compliance with commencement date for the implementation of electronic payments in Nigeria’ with reference number DIR/GEN/CIR/01/015.
The memo read in part ‘the CBN hereby set January 9 2012 as the commencement date for the implr,mrntation of end-to-end straight through electronic payments of suppliers,all forms of taxes,salaries and pension by both private and public organisations with more than 50 employers/pensioners in Nigeria.’
As a result of this, all Deposit Money Banks(DMB) have been advised to dishonour payment instructions delivered through unsecured methods such as Flashdrives, Compact Discs, e-mail attachments with effect from that data.
DMBs are however urged to properly educate and advisetheir customers on the adoption and implementation procedures for an end-to-end epayment.
To ensure the compliance of this, banks (and some telecommunication company) have been sending SMS,e-mails and telephone calls to advise their customers onthe benefit of the policy.
Meanwhile, CBN has postpone the restriction of third-party cheque withdrawaltill March 30,2012 for banks to sensitize consumers and give people time to migrate to the electronic infastructure in place.