Stanbic IBTC Bank Moves to Enhance Cashless Transactions, Urges Reduction in Physical Cash Payments

Stanbic IBTC Bank has expressed readiness to enhance the cashless policy of the Central Bank of Nigeria with hitch-free digital transactions.

Stanbic IBTC bank further called on Nigerians to make use of digital payment platforms rather than relying on physical cash transactions.

 Investors King recalls that the CBN had recently issued a new policy on cash-based transactions, stipulating a charge for daily cash transactions above N500,000 for individuals and N3m for corporate organisations.

This policy was introduced to encourage the adoption of electronic payments and lessen the amount of physical cash in circulation, Investors King had learnt. 

It will also reduce the charges of banking services, enhance financial inclusion, make monetary policy effective to control inflation which will in turn boost the Nigerian economy.

Explaining the benefits of the policy, the Head, Partnerships, Stanbic IBTC Bank, Omolara Osunsoko, said the cashless policy is geared towards improvement in financial transactions through digital delivery channels.

Osunsoko said the technology-driven means will assist both the buyers and sellers transactions easier and more secure which will further improve the standard of living of the citizens.

“The policy will be beneficial to consumers and merchants as we transit to a digital way of transacting that is convenient, secure and seamless. It will also help minimise financial risks and support business operations and reconciliation,” she said.

The Head, Digital and eCommerce, Stanbic IBTC Bank, Olutimi Ibrahim, reiterated the bank’s resolve in following the Central Bank’s cashless policy directive and innovatively coming up with more seamless means of electronic payment for better delivery.  

“At Stanbic IBTC, we stand for innovative banking. This leads to creating digital solutions and optimising our platforms to perform instant transactions, eliminating the need to visit a branch. With the CBN’s directive on cashless policy, we are offering customers an array of electronic payment options for a seamless digital banking experience,” he assured.