Stanbic IBTC Increases Cashless Transactions

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A subsidiary of Stanbic IBTC Holdings, Stanbic IBTC Bank, has promised to assist frictionless financial transactions to support the Central Bank of Nigeria’s cashless strategy.

In a statement, it made notice of the CBN’s most recent change in policy on cash-based transactions, which imposed a cash handling fee on daily cash transactions exceeding N500,000 for private people and N3,000,000 for corporate organizations.

The new regulation aims to spread electronic payments more widely and lessen the use of physical currency in the economy.

Stanbic IBTC Bank advised the general public to utilize its current digital solutions and payment platforms in order to comply with the policy, lessen dependency on cash transactions, and promote financial inclusion by expanding the selection of electronic payment choices.


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