In a bid to ease huge cash management and deepen financial inclusion, the Central Bank of Nigeria (CBN) has released guidelines for the operation of the Bank Neutral Cash Hubs (BNCH).
According to a statement on its website, the CBN said that the release of the guidelines is in furtherance of its mandate to promote a sound financial system in Nigeria.
It said it is part of its collaborative efforts with the Banker’s Committee to reduce cost and improve operational efficiency in the country’s cash management.
“The CBN, in collaboration with the Banker’s Committee, initiated the Nigerian Cash Management System which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain.
“One initiative towards the stated goal is the introduction of BNCH,” the CBN said.
“BNCHs are cash collection centers to be established by registered processing companies or Deposit Money Banks (DMBs) based on business needs.
“They will be located in areas with high volumes of commercial activities and cash transactions,” the apex bank said.
It added that the hubs would provide platforms for customers to make cash deposits and receive value irrespective of the bank with which their accounts are domiciled.
“This guideline aims to provide minimum standards and requirements for BNCH registration and operations for effective supervision.
“The key objective is to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities.
“It will also deepen financial inclusion and leverage on shared services to enhance cash management efficiency,” it said.
The CBN said, according to the guidelines, a BNCH is permitted to carry out activities like receipt of Naira denominated deposits on behalf of financial institutions from individuals and businesses with high volumes of cash.
“It can also carry out high volume cash disbursement to members of the public on behalf of financial institutions, and any other activities that may be permitted by the CBN.
“But it is not permitted to carry out investing or lending activities, or receive, disburse, or engage in any transaction involving foreign currency,” it said.
It called on eligible promoters like DMBs and Cash Processing Companies (CPCs) to apply for registration of BNCH.
“Prospective promoters of BNCH shall apply in writing to the Director, Currency Operations Department,” it said.
(NAN)


![Odiong: US-based Nigerian Catholic priest convicted over sexual assault Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-300x200.jpg)






