Tag
CASHLESS POLICY
The Federal Airports Authority of Nigeria (FAAN) has announced that all payments at its revenue points, including access gates, car parks, FAAN VIP, and protocol lounges, will transition to contactless, cashless payment systems starting Monday, September 29, 2025.
Frustrations continue to rise among Nigerians as they face persistent challenges accessing cash due to limits on ATM withdrawals and Point-of-Sale (POS) operations.
“Card or transfer?” is a question most Nigerians are now familiar with when making payments, however, that question would have been odd five years ago, when cash was the dominant means of payment.
From January to March, there was a steady rise in the amount of payment transactions carried out over the various electronic channels of banks and fintechs in the country.
Nigeria’s Vice President, Yemi Osinbajo, had said that when effectively operated, a cashless policy in Nigeria, will help stop the surge of illicit election financing by making it possible to track funds.
A cashless society will, among other benefits, improve Nigeria's informal sector
After years of postponement, while sensitizing the populace, the cashless policy looks set to stay.
Some commercial banks in the country have begun issuing reminders to their customers ahead of 1st April 2020 takeoff of CBN's cashless policy.
The CBN has continued to give directives that deepen its cashless policy with its new rule for the use of Point of Sale (PoS) machine.
The Nigerian government has reviewed its policy on stamp duty charges, levied on electronic payment.
Elias Igbinakenzua said the charges on PoS transactions are cheaper and it’s a way to motivate Nigerians to embrace CBN's cashless policy.
The CBN has exempted all revenue-generating accounts of government agencies, and several others from charges on cash withdrawal and deposits.