By Peter Egwuatu

Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings, has announced its readiness for seamless financial transactions as the cashless policy by the Central Bank of Nigeria (CBN) takes effect.

The CBN recently released a new policy on cash-based transactions that attracts a cash handling charge for daily cash transactions above N500,000 for individuals and N3,000,000 for corporate organisations. The new policy aims to increase the adoption of electronic payments and reduce the amount of physical cash circulating in the economy.

The apex bank stated that the policy encourages a reduction in the cost of banking services, drives financial inclusion, makes monetary policy effective in managing inflation, drives to modernise payment systems, and enables economic growth.

In line with the policy, and reducing reliance on cash transactions while promoting financial inclusion by increasing the availability of electronic payment options, Stanbic IBTC Bank invites the public to take advantage of its existing digital solutions and payment platforms that have been tailored to meet the needs of our clients.

Speaking on the policy and its benefits, Omolara Osunsoko, Head, Partnerships, Stanbic IBTC Bank, said: “ The digital evolution in the financial sector has seen increasing changes with a move towards technology-driven delivery channels. This holds great promise as a means to enable financial inclusion and thus help improve citizens’ lives. 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 minimize financial risks and support business operations and reconciliation>

Olutimi Ibrahim, Head, Digital and eCommerce, Stanbic IBTC Bank, noted the Bank’s commitment in 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 optimising our platforms to perform instant transactions, eliminating the need to visit a branch”.