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The News Beam
Home News Business & Economy

CBN Eases Cash Deposits, Withdrawals with Bank-Neutral Cash Collection Centres

March 14, 2022
in Business & Economy, Economy, Uncategorized
Reading Time: 2 mins read
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CBN
Emefiele, CBN Governor

The Central Bank of Nigeria, CBN in a bid to ease cash deposit and withdrawal for bank customers has introduced another layer of activity and operators  to the banking system called  Bank-Neutral Cash Collection Centres, BNCHs.  

The CBN in a guideline issued today explained that, “BNCHs are cash collection centers to be established by registered processing companies or Deposit Money Banks (DMBs) based on business needs. 

“They will be located in areas with high volumes of commercial activities and cash transactions. 

“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 introduction of the hubs, according to the CBN, is to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities; deepen financial inclusion; and leverage on shared services to enhance cash management efficiency.

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The activities of the hubs are limited to three functions. These are: Receipt of Naira denominated deposits on behalf of financial institutions from individuals and businesses with high volumes of cash;   High volume cash disbursement to members of the public on behalf of financial institutions; and  Any other activities that may be permitted by the CBN. 
On the contrary, the BNCH  are now allowed to carry out investing or lending activities. They also barred from  receiving , disbursing, or engaging in any transaction involving foreign currency or undertake any other transaction which is not prescribed by this guideline.
The hubs are also not allowed to subcontract another entity to carry out of their operations  or engage in any other activities that may be prohibited by the CBN.
Tags: Cash collectionCBNEmefiele
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