Nigeria Makes Cash Deposits Easier for Its Citizens
Aug 15, 2022
The Central Bank of Nigeria has issued guidelines for the deployment of Bank Neutral Cash Hubs, which will provide people nationwide with facilities to deposit cash into accounts with any bank.
The new hubs form part of a new strategy for the Nigerian Cash Management System, which aims to improve the efficiency of the country’s cash management value chain, and will be located in areas with high volumes of commercial activity and cash transactions. The guidelines explain they will ‘deepen financial inclusion’ and ‘leverage shared services to enhance cash management efficiency.’
The hubs will provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.
The hubs are expressly barred from providing investment or lending facilities, and will not be permitted to receive foreign currency, ensuring their function remains purely to serve individuals and businesses of all sizes who require better access to cash depositing services. The guidelines require customer protections such as privacy, rapid completion of all transactions and easy access to dispute resolution services.