Regulatory Alerts2019-10-17 | PSM/DIR/GEN/CIR/01/016Re:Implementation of the Cash-less Policy
The Central Bank of Nigeria has issued a circular to deposit money banks, informing them of the existing exemptions to the cash-less policy until March 31, 2020. These exemptions include revenue-generating accounts of governments, embassies, diplomatic missions, mobile money operators, and microfinance/primary mortgage institutions. The bank has directed the banks to ensure compliance with these exemptions.
CENTRAL BANK OF NIGERIA Central Business District, Cadastral Zone AO P.M.B. 0187, Garki Abuja.
PAYMENTS SYSTEM MANAGEMENT DEPARTMENT Tel: 09 462 38300, 09 462 38346 e-mail: psmd@cbn.gov.ng website: www.cbn.gov.ng PSM/DIR/GEN/CIR/01/016 October 16, 2019 To: Deposit Money Banks
Re: Implementation Of The Cash-Less Policy
Further to our previous circular on "Implementation of the Cash-less Policy" please be informed that currently, the following are the existing exemptions until March 31, 2020 when it will be reviewed: a) Revenue generating accounts of the Federal, State and Local Governments b) Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies in Nigeria, Ministries, Departments and Agencies of Government (revenue collection only) c) Mobile Money Operators (Float accounts only) d) Microlinance Banks (MFBs) and Primary Mortgage Institutions (PMIs) accounts with DMBs Kindly ensure compliance.
Best re Sam C. Okojere Director, Payments System Management Department