. . . Customers Would No Longer Carry Out Transactions By Cash
The Central Bank of Nigeria (CBN) and Bankers’ Committee, have announced that foreign exchange for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees and medicals would now be sold online.
The Committee has also put a strong warning to its customers against using fraudulent methods to get access to foreign exchange from banks, as those found guilty perpetrating such acts would be prosecuted accordingly.
The decision was reached at the 357th meeting of the Bankers’ Committee meeting held virtually recently.
The Managing Director of Guaranty Trust Bank (GTB) Plc, Segun Agbaje, who made the disclosure during a media briefing at the end of the Bankers’ Committee meeting in Lagos, said that the new Foreign Exchange policy with regards to Invisibles, Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments, is working very well.
While speaking, Agbaje further disclosed that : “we have taken it upon ourselves along with the regulator to make sure that this works, and this is just the first phase and if you noticed most of the things you are doing today, you are going into the branches to do most things.
“But, we are going to also try to digitise this whole thing the way the world is going; and that is being done by Nigeria Inter-Bank Settlement System Plc (NIBSS) where you will be able to buy online.’’
He said in a clear terms that punishment would not only be meted to fraudulent individuals, but also to any bank and staff that contravened the apex bank’s rules.
Agbaje further expressed hope that customers would no longer carry out all their transactions by cash.
“The world today is not friendly about arriving in countries with cash, so we are hoping that people will be able to put this on their cards and card account.
“If you use a card, there is more KYC that can easily be done! It will be quicker, cheaper and faster, you will be less harassed when you arrive in countries and there will be no need for you to fill a cash declaration form,” Agbaje explained.
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