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
Samsung to open TV manufacturing plant in SASamsung Electronics South Africa announced its plan to open a television manufacturing plant in The Dube Trade Port, Durban by end of this year. Read More
Econet rejects base station reportEconet Wireless has released a statement refuting recent media reports around its importation of base stations. Read More
Nigeria: potential to become major economic forceA new McKinsey report finds that Nigeria has the potential to expand its economy by roughly 7.1 percent per year through 2030. Read More
Call for pan-African contact centre associationInteractive Intelligence has called for the creation of a call centre association for Nigeria and other African countries as a way of promoting a standard for call centres. Read More
AMI, Strathmore launch free online courses for managers and entrepreneurs in AfricaManagers and entrepreneurs in Africa can now gain advanced skills for free, with the launch of free online courses courtesy of the African Management Initiative (AMI). Read More
Bytes, NCR and Barclays in ATM dealBytes Managed Solutions, the exclusive distributor of NCR technology solutions in Southern Africa had signed a deal with Barclays Bank of Botswana (BBB) for the installation of intelligent cash deposit ATMs. Read More
Orange reports 8% revenue growthIntegrated telecommunications service provider Orange has announced an 8% revenue growth for the overall business for the first half of this year, compared to the same period last year. Read More
Business Connexion appoints CEOBusiness Connexion Group Limited has announced that Mr. Isaac Mophatlane has been appointed Chief Executive Officer of the company. Read More
Managed service support key to growth for iWayAfricaPan African telecoms operator, Gondwana International Networks (GIN) has announced that its iWayAfrica business will be partnering with managed services company, SevenC Computing to grow its foothold in key Africa territories. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.