The process will determine the scheme’s expansion to other statesArticle | August 22, 2012 – 1:25am | By Eki Toju

The Central Bank of Nigeria (CBN) has begun an assessment of the Cash-Less Lagos scheme, to determine when to introduce it in other states in the country.

Speaking during an interview on Tuesday, Dipo Fatokun, the Director of Banking and Payments System Department of the CBN, said that the success of the pilot scheme would assist the apex bank to determine the processes for the next phase of the scheme.

He said that an assessment of the policy carried out recently, had revealed that the policy had recorded some success.

Fatokun said that the CBN had identified some challenges facing the  policy, noting that the recognition of the challenges would help in identifying future problems.

He expressed optimism on the preparedness of the CBN to confront whatever ?setback? might arise in the implementation of the policy in other states.

The director, however, did not disclose when the policy would start in other states but said that only the board and management of the CBN could determine that.

?Once we get it right in Lagos, we will get it right in other states. An assessment is being done to see how well we have performed in Lagos but the truth of the matter is that we are not doing badly. We are doing well,” Fatokun said.

?So, when the board and the management choose, we can decide where to go and when to go.?

He said that the CBN would soon introduce multi-functional Automated Teller Machines (ATMs), with features not obtainable in ATMs currently in use.

Fatokun explained that the new ATMs were designed to accept deposits from customers and credit their accounts immediately.

?The new ATMs are designed so that instead of going to banking halls to deposit, you make use of it by filling your data and your account will be credited immediately,? he said.

According to him, the innovation would assist the cash-less policy and reduce man-hours wasted in attending to customers coming to banks for deposits.

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