List of Frequently Asked Questions & Answers on Cash-less Policy (Revised Version)

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dc.contributor.authorCentral Bank of Nigeria
dc.date.accessioned2026-10-05T10:09:46Z
dc.date.available2026-10-05T10:09:46Z
dc.date.issued2014
dc.descriptionThis official reference booklet, produced by the Central Bank of Nigeria (CBN), serves as an explanatory guide regarding the national Cash-less Policy. Designed to modernize Nigeria’s financial infrastructure and align with the national Vision 20:2020 economic goals, the policy aims to significantly reduce the reliance on physical cash rather than eliminate it entirely. The document outlines key regulatory guidelines, including daily cash withdrawal limits set at ₦500,000 for individual account holders and ₦3,000,000 for corporate entities beyond which cumulative processing fees apply. Additionally, it highlights operational shifts, such as restrictions on cashing third-party cheques exceeding ₦150,000 over the counter. Beyond regulatory thresholds, the publication offers a comprehensive glossary defining core electronic payment terms such as Point-of-Sale (POS) terminals, Automated Teller Machines (ATMs), Mobile Money, Direct Debits, and the Nigeria Interbank Settlement System (NIBSS). Through a structured Question and Answer format, the booklet addresses public concerns regarding implementation timelines, security protocols like Chip-and-PIN technology, transaction fee breakdowns for merchants, and infrastructure reliability. It clarifies misconceptions about financial exclusion, illiterate user accessibility, and employment impacts, while reinforcing the broader economic benefits: lower cost of banking, enhanced monetary policy effectiveness, reduced cash-related crime, and higher financial inclusion. Overall, this document acts as an authoritative resource for consumers, merchants, and institutions navigating Nigeria's transition toward an efficient electronic-based payment ecosystem.
dc.description.abstract• Vision & Mission • Preface: Why the Central Bank of Nigeria made the Cash-less Policy • Cash-Less Policy - Key Terms • Frequently Asked Questions & Answers • Further Enquiries / Contact Information
dc.identifier.urihttps://nigeriareposit.nln.gov.ng/handle/20.500.14186/2970
dc.language.isoen
dc.publisherCentral Bank of Nigeria
dc.titleList of Frequently Asked Questions & Answers on Cash-less Policy (Revised Version)
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