Stanbic IBTC Bank has stated its readiness for seamless financial transactions as the Central Bank of Nigeria (CBN) implements its cashless policy.
The Central Bank recently issued a new cash-based transaction policy that imposes a cash handling charge on daily cash transactions exceeding N500,000 for individuals and N3 million for corporate organizations.
The new policy aims to increase the use of electronic payments while decreasing the amount of physical cash in circulation.
According to the apex bank, the policy encourages lower banking service costs, promotes financial inclusion, makes monetary policy effective in managing inflation, promotes payment system modernization, and promotes economic growth.
In keeping with the policy of reducing reliance on cash transactions while promoting financial inclusion by increasing the availability of electronic payment options, Stanbic IBTC Bank encouraged the public to use its existing digital solutions and payment platforms that have been tailored to meet the needs of its clients.
Speaking about the policy and its benefits, Omolara Osunsoko, Head of Partnerships at Stanbic IBTC Bank, stated that the digital revolution in the financial sector has seen increasing changes with a shift toward technology-driven delivery channels.
According to Osunsoko, this holds great promise as a means of enabling financial inclusion and thus improving the lives of citizens.
“The policy will be beneficial to consumers and merchants as we transition to a digital way of transacting that is convenient, secure, and seamless.” “It will also help minimize financial risks and support business operations and reconciliation,” he stressed.
Osunsoko also reiterated Stanbic IBTC’s commitment to financial inclusion over the years through digital and electronic solutions that simplify cashless transactions while offering an excellent banking experience for its customers.
Head, Digital and eCommerce, Stanbic IBTC Bank, Olutimi Ibrahim, noted the bank’s commitment to supporting the Central Bank’s cashless policy initiative and living up to its responsibilities of innovating alternative payment solutions.
He said, “At Stanbic IBTC, we stand for innovative banking.” This leads to creating digital solutions and optimizing our platforms to perform instant transactions, eliminating the need to visit a branch.
With the CBN’s directive on a cashless policy, we are offering customers an array of electronic payment options for a seamless digital banking experience.
“We are also committed to easing our customers’ transition to a cashless society.” “We will continue collaborating closely with the CBN to ensure that Nigerians can access the financial services they require.”