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
SAP sees major growth opportunities in AfricaInternational software giant SAP says it sees huge growth opportunities across the African continent. Read More
Zenith Bank, others raise USD1.2bn for EtisalatZenith Bank led 12 other banks to pull a USD1.2 billion financing deal for Emerging Markets Telecommunications Services Limited (EMTS). Read More
Signal Alliance partners SAP on asset management solutionSignal Alliance has partnered SAP to offer Business Planning and Execution solutions supporting business strategy, process design and integration, and implementation to government and industries in Nigeria. Read More
MTN highest ranked African brandMTN has topped the list as the highest ranked African brand in the prestigious Millward-Brown Brandz Top 100 Most Valuable Global Brands 2013 survey, released today. Read More
MultiChoice Zambia executives killed in road accidentTwo senior managers at pay TV MultiChoice Zambia have been killed in a road accident in Chibombo on the Great North Road. Read More
AfDB to help boost AGOA opportunitiesThe African Development Bank is working towards helping African countries better benefit from the African Growth and Opportunity Act (AGOA) opportunities. Read More
Mozambique’s TVCABO wins Golden Arrow AwardDual play operator TVCABO has won a Golden Arrow award as "Best Internet Service Provider in Mozambique" in the corporate business sector. Read More
High hopes for US missionEgypt has high hopes for closer business ties with the US, following an ICT Ministry delegation visit to the US. Read More
Most powerful and compact Samsung A3 colour and mono copiers announcedSamsung Electronics South Africa has launched its groundbreaking CLX-9201, 9251, and 9301 A3 colour and SCX-8123, CX-8128 A3 mono copiers. Read More
FEATURED STORYICT opens doors for Kenyan slum dwellers
A Nairobi based group is equipping high school girls from Nairobi's slums with ICT skills to help them participate meaningfully in building the economy.
BEST READ NEWS
IN DEPTHDollar-a-month broadband can change Africa
The Microsoft-led 4Afrika TV white spaces project, taking broadband to rural people for as little as a dollar a month, is now expanding in Kenya and launching in Tanzania.
COMPANY NEWSSamsung puts the spotlight on enterprise solutions
Samsung Electronics South Africa has announced its support of the upcoming Enterprise Mobility Forum.Sage Pastel Evolution: the modern ERP tool for the modern Kenyan business
This week’s Sage East Africa Conference, entitled Innovation Beyond Boundaries, attracted over 100 existing and potential customers to the Sankara Hotel in Nairobi.Connected services boosts company payroll and HR administration in West Africa
Connected Services enables SMEs to extend their desktop payroll and HR with an online solution that eases the growing burden of HR managers and payroll administrators.