The Central Bank of Nigeria (CBN) says it is collaborating
with stakeholders, especially those in the agent banking sector, to ensure cash
deposits in rural, underserved areas across the country.
Osita Nwanisobi, director of the apex bank’s corporate
communications, said this in a statement issued over the weekend.
On October 26, Godwin Emefiele, governor of the CBN,
announced the plan to redesign the N200, N500 and N1,000 denomination of the
currency, to control money supply and aid security agencies in tackling illicit
financial flow.
In the statement, Nwasinobi said the development was part of
efforts by the CBN to ensure Nigerians in unbanked, underserved and rural areas
are catered to as it implements the naira redesign policy.
Agent banking is the provision of financial services to
customers by a third party (agent) on behalf of a licensed deposit-taking
financial institution and/or mobile money operator.
While noting the progressive increase in financial access
points and alternative banking channels over the years (electronic/internet
banking, mobile apps, ATM, cards/PoS, eNaira, agent banking); he said the bank
acknowledged that these may not be evenly distributed across all geopolitical
zones and in some rural areas.
“In operationalising this initiative, the CBN has been
collaborating with relevant agencies and other stakeholders in the financial
system in its execution, particularly ensuring that vulnerable citizens are not
disenfranchised,” the statement reads.
“Accordingly, the
banking public in rural and/or underserved areas may access CBN branches in the
36 states of the federation to enquire about options for depositing their
current N200, N500, and N1,000 notes, wallet/account opening processes, financial
access points.
“Furthermore, agent locations across the country have been
fully enabled for BVN registration, opening banking accounts/wallets and
e-Naira wallets, electronic card distribution, and cash deposit, among others.
“Due to the policy, the agents have also been accorded
priority to enable them to deposit cash collections through bank branches
across the federation.”
Nwanisobi further expressed the pleasure of the apex bank at
the positive response of the banking public to the policy through increased
currency deposits across banks and other financial institutions.
He added that the bank would continue to monitor
developments and issue updates to the banking public on the implementation of
the naira redesign policy.
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