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News Update (December 14, 2011 10:42 AM...)

Fidelity Bank concludes cashless Lagos enlightenment campaign

Press Release-- Fidelity Bank Plc has concluded a series of sessions with various stakeholders aimed at providing enlightenment about the ‘Cash-less Lagos’ programme of the Central Bank of Nigeria (CBN). ‘Cash-less Lagos’ is an initiative of the CBN aimed at reducing the amount of cash being used in transactions in Nigeria, starting with Lagos, which has the bulk of commercial transactions in the country.

The purpose of the enlightenment campaigns was to provide better understanding of what the initiative entails so as to make the transition to the new era smoother.

According to the schedule of the Central Bank of Nigeria, the ‘Cashless Lagos’ begins next month. By this initiative, most transactions are expected to be conducted through ATM cards and Point-of-Sale (POS) terminals in shops and other outlets. To encourage this, CBN has placed a ceiling of N150,000 cash transactions per individual per day or N1m for companies. Any cash transaction

above that will attract a surcharge.

According to the Head, Marketing and Communications of Fidelity Bank Plc, Mr. Emma Esinnah, the enlightenment programmes by Fidelity Bank are to compliment the effort of CBN in reaching out to the critical populace. He said that ‘in an initiative like this, it helps if every one that has a stake in the matter has a proper understanding of what is ahead. So we try to explain what the benefits are, understand what the people see as challenges and address them appropriately’.

The Fidelity programmes which the bank termed ‘Cashless Lagos–what it means for your business’ have been held in various parts of Lagos spanning both Island and Mainland locations; both commercial and corporate centers alike.

According to Mr. Esinnah, ‘the success of the programme depends on how much the relevant people know about it, how they understand the challenge and how they understand the benefits. In our view, every bank owes it to their own customers to explain this initiative and to help them make the necessary migration’. Esinnah also noted that Fidelity Bank was the first institution in Nigeria to begin an aggressive media campaign called ‘All Things Are P.O.S.sible (a play on P.O.S. terminals) in addition to the bank’s location visits and customer fora.

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