The Central Bank of Nigeria (CBN) will commence 24-hour transaction settlement on Point of Sales (PoS) for merchants, Tunde Lemo, the Deputy Governor, Operations of the bank, stated at a seminar held to commemorate the 30th anniversary of the Institute of Chartered Accountants of Nigeria (ICAN).

Speaking on Thursday at the seminar organised by the Ikeja district of the body, Lemo said the 24-hour transaction settlement would be achieved through a method described as “Straight Through Process (STP)”.

Lemo, represented by Dipo Fatokun, the Director, Banking and Payments System Department of the bank, said the process would allow immediate credit of merchants’ accounts, instead of the present two-day settlement.

He said that the development would also increase people?s confidence on the cash-less policy, and encourage frequent usage of PoS terminals.

According to him, the CBN Governor, Lamido Sanusi, had already signed a directive on the development, and the new process will start on September 30.

Lemo, however, disclosed that the CBN was planning to roll-out PoS terminals that would be Wi-Fi enabled, to improve on the connectivity problem.

The deputy governor said that one of the challenges facing the cash-less policy, particularly in the area of mobile payment, was a lack of awareness that the policy was in progress.

He added that the CBN had registered additional three telecommunications companies to complement the initial two in providing connectivity for the mobile money payment.

Lemo said that 14 mobile money agents had been registered, in addition to the existing 16, for effective service delivery.

The President of ICAN, Adedoyin Owolabi, said that as accountants, the new policy presented fresh challenges for audit control reconciliation and accounting.

Owolabi said that the policy presented a window of opportunity to clients, employers and stakeholders who would look up to accountants to provide solutions that impacted positively on businesses.

He said that the policy would promote safety and control systemic and operational risks inherent in manual transactions.

Patrick Sanni, the Chairman of ICAN, Ikeja District, said that the body would continue to partner stakeholders to ensure that members key into and benefit from the policy.

Sanni implored members to embrace the core values and ethics of the accounting profession.

The seminar was themed ‘Complementing the Efforts of CBN-Imperatives and Realities of Cash-less Policy’.

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