The Central Bank of Nigeria has released a draft guideline for the registration and operation of Bank Neutral Cash Hubs which are to serve as central cash deposit points for bank customers across the country.
According to the draft guideline released yesterday on the apex bank’s website, BNCHs will provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.
The CBN noted that the guideline aims to provide minimum standards and requirements for BNCH registration and operations for effective supervision.
This move it said is in line with the Nigerian Cash Management System (NCMS), which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain.