Bankers’ Committee Extends Cashless Policy to Ogun

27 Feb 2013

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Obinna Chima
The Bankers’ Committee has said that Ogun will be added among the states it plans to extend the cashless policy to from July 1, 2013.
With this, Ogun will join Rivers, Kano, Anambra and Abia States as well as the Federal Capital Territory (FCT) announced earlier for July 1, implementation of the policy aimed at reducing the dominance of cash in the economy.

A statement Tuesday explained that the decision to extend the policy to Ogun was made at the recent Bankers’ Committee meeting held in Abuja.

Head, Shared Services, Central Bank of Nigeria (CBN), Mr. Chidi Umeano, said the aforementioned states and the FCT were chosen because of the large volume of cash transactions in some of their major cities such as Aba, Kano, Port Harcourt and Onitsha among others.
Umeano explained that the policy earlier planned to be implemented in other states in January 2013 was deferred due to some infrastructural challenges.

The CBN Deputy Governor Operations, Mr. Tunde Lemo had said in an interview with THISDAY: “When we talk about nationwide roll-out, we are also being careful to ensure that we make use of resources in a smart way. What we would do in July is to look at those other market clusters where large volumes are transacted and add them to Lagos.”

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