Cashless Lagos underway
BUSINESSBy BiztechAfrica - Jan. 3, 2012, 4:06 p.m.
The Central Bank of Nigeria’s Cashless Lagos pilot project has begun in the capital, aimed at reducing the amount of physical cash in circulation and increasing electronic commerce.
The Bank’s pilot project, which kicked off on 1 January, will impose a cash handling charge on cash withdrawals or deposits exceeding N150,000 for individuals and N1,000,000 for corporates.
The Bank says the new cash policy aims to drive development and modernisation of the country’s payment systems in line with Nigeria’s Vision 2020.
It is also intended to reduce the cost of banking services and drive financial inclusion by providing more efficient transaction options and greater reach.
The Bank says the outcome of the pilot project will determine how the system is implemented in the rest of the country by mid-year.
The Bank's deputy governor, Tunde Lemo said five key areas have been identified for cost saving in banks. They include cash management; payments system transformation; shared IT infrastructure; and services, IT standards and industrialization and shared back office operations.
The payment systems transformation represents about 60% of the industry's operating cost, he said.
MORE BUSINESS NEWS
African economies on growth curve: reportIn contrast to the rest of the world’s sluggish progress, African economies stand out for their high rates of growth and the effusive confidence they inspire, according to a new report. Read More
NITRA seeks collaboration with regulator, operatorsThe Nigerian Information Technology Reporters Association has called on the industry regulators and ICT players to partner with the association to strengthen industry. Read More
BT accelerates African growthBT has announced a new phase of investments into the rapidly growing economies of Asia Pacific, Turkey, the Middle East and Africa (AMEA) with the objective of accelerating its expansion in high growth markets. Read More
Flexenclosure delivers turnkey data centre to AngolaFlexenclosure has received a large order from ACS Angola Comunicações e Sistemas, one of Angola’s main suppliers of IT solutions and corporate network connectivity. Read More
A new approach to outsourcing in the changed economyIn a newly shaped landscape, a new set of challenges emerges for outsourcing service providers, says T-Systems. Read More
Energy finds in Africa highlight shifts in sector - DHL reportThe recent oil and gas finds in Africa will continue to have a positive impact on local economies, if local African suppliers, service providers and other businesses are geared up to service this growth. Read More
African Large Format Printer market declinesThe large format printer (LFP) market in Central and Eastern Europe, the Middle East, and Africa (CEMA) region declined 10.7% in volume and 5.1% in value year on year in the first half of 2013, says IDC. Read More
BIH sets up First Steps Venture CentreThe Botswana Innovation Hub has officially opened its First Step Ventures Centre, focusing on tech start-ups. Read More
BoFiNet says Mascom remains clientThe Botswana Fibre Networks Limited (BoFiNet) says Mascom Wireless is no competitor despite having invested heavily in its own fibre-optic cable infrastructure. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHText messaging makes mama mbogas’ lives easier
Innovative students have initiated a programme using text messaging, to aggregate demand and save money for Nairobi’s ‘mama mboga’ vegetable sellers.