• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
Monday, June 27, 2022
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

CBN Releases Guidelines For Registration, Operation Of Bank Neutral Cash Hubs

by Mark Itsibor
4 weeks ago
in Business
0
CBN
Share on WhatsAppShare on FacebookShare on TwitterTelegram

The Central Bank of Nigeria (CBN), in furtherance of its mandate to promote a sound financial system in Nigeria has unveiled new guidelines for the registration and operationalisation of bank Neutral Cash Hubs in Nigeria.

The CBN in collaboration with Banker’s Committee had initiated the Nigerian Cash Management System (NCMS) which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain.

One initiative towards the above stated goal is the introduction of Bank Neutral Cash

Hubs (BNCH). Bank Neutral Cash Hubs (BNCHs) are cash collection centers to be established by registered (licensed) processing companies or Deposit Money Banks (DMBs) based on business needs. They designed to be located in areas with high volumes of commercial activities and cash transactions. The hubs will provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.

This guideline aims to provide minimum standards and requirements for BNCH registration and operations for effective supervision.

The apex bank stated in a circular that was issued yesterday said the setting up of Bank Neutral Cash Hubs is to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities; deepen financial incorporation.

RELATED

Cabotage Fund Hits N145.2bn

Cabotage Fund Hits N145.2bn

10 hours ago
nigerian flag

Green Infrastructure: Nigeria, AfDB, Others Sign Agreement On Fund Mobilisation

10 hours ago

The new guidelines stipulated eligibility to include application for registration of a BNCH: deposit money banks and cash processing companies.

Requirements for approval-In-principle prospective promoters of BNCH (CPC or DMB) seeking to operate a BNCH shall apply in writing to the Director, currency operations department and submit the following documents with the application: a valid DMB license or a valid proof of CPC registration issued by the CBN; anon-refundable application fee of N100,000 or such other amount, which it stated that the CBN may specify.

In a bank draft payable to the CBN, the apex said an evidence of board resolution approving the application duly signed by the chairman and Secretary of the board of the CPC or the DMB; detailed business plan or feasibility report which shall, at a minimum.

The minimum includes: objectives of the BNCH; services to be rendered by the BNCH and justification for the application, amongst others.

The role of the  of BNCHs include: provision of all the requirements listed above for the operation of the BNCH; ensuring that only registered Cash-In-Transit (CIT) companies are engaged for cash movements to and from the BNCH site; proper record keeping, evacuation, accounting and reconciliation process shall be maintained;  adequate employment policy (casual staff shall not be engaged).

Background checks by security agencies and biometrics data capture shall be carried out on all employees.

 


HOW MY CHINESE DOCTOR RECOMMEND THIS MAGIC DRUGS THAT HELP WOMEN PREVENT AND TREAT BREAST CANCER AND ALSO HELP MEN PREVENT AND CURE PROSTRATE ISSUE PERMANENTLY WITHOUT SIDE EFFECTS AND REMISSION!!INEVER BELIEVE IT!!
Tags: Bank Neutral Cash HubsCBN
SendShareTweetShare
ADVERTISEMENT
Previous Post

Abbey Mortgage Bank Grows Pre-tax Profit By 116%

Next Post

Buhari, Kyari Showcase Oil & Gas Investment Opportunities in Spain

ANOTHER GOOD READ

Cabotage Fund Hits N145.2bn
Business

Cabotage Fund Hits N145.2bn

10 hours ago
nigerian flag
Business

Green Infrastructure: Nigeria, AfDB, Others Sign Agreement On Fund Mobilisation

10 hours ago
Dangote Commits To Self-sufficiency In Sugar Production
Business

Dangote Commits To Self-sufficiency In Sugar Production

10 hours ago
air peace
Business

Air Peace Gifts Olympians, Nations Cup Winners Free Local, Int’l Tickets

10 hours ago
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Naira Volatility: ABCON Seeks Improved Local Production, Economic Diversification

10 hours ago
FMBN
Business

FMBN Needs N1trn Yearly Revenue To Meet Housing Sector Demands – MBAN

10 hours ago
Next Post
Buhari, Kyari Showcase Oil & Gas Investment Opportunities in Spain

Buhari, Kyari Showcase Oil & Gas Investment Opportunities in Spain

LATEST UPDATES

Kidnappers

JUST-IN: Terrorists Kidnap DPO On His Way To Resume Duty In Kaduna

June 27, 2022
I’m Committed To Advancing Judicial Independence, Atiku Assures New Acting CJN

I’m Committed To Advancing Judicial Independence, Atiku Assures New Acting CJN

June 27, 2022
Police

Edo Police Neutralise Kidnapper Of Catholic Priest 

June 27, 2022
2023: Ensure Credible, Peaceful Polls, UN Tells APC

2023: Ensure Credible, Peaceful Polls, UN Tells APC

June 27, 2022
Makinde Congratulates New Acting CJN Ariwoola

Makinde Congratulates New Acting CJN Ariwoola

June 27, 2022
Bauchi Police Arrest 3 Suspects For Plucking 16-yr-old Boy’s Eyes

Bauchi Police Arrest 3 Suspects For Plucking 16-yr-old Boy’s Eyes

June 27, 2022
PDP BoT

Clarify Your Comment On Atiku In 48 Hours Or I Expose You, PDP BoT Chair Tells Obasanjo

June 27, 2022
Lagos Will Continue To Be Home To The Displaced – Sanwo- Olu

Lagos Will Continue To Be Home To The Displaced – Sanwo- Olu

June 27, 2022

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.