Cash-Less Nigeria Project Overview

The Cash-Less Nigeria Project is an integral part of the shared services project of the Central Bank of Nigeria towards propelling the Nigerian Economy Shared Services Program Cash Management Payment Systems Transformation* IT Infrastructure & Services IT Standards Back Office Operations • Industrialize Cash Management & Logistics (Storage, Processing & Movement) • Facilitate growth of electronic payments • Increase availability, reliab ility and security of electronic channels • Increase efficiency and reduce cost of operations/mainte nance for IT and infrastructure (application management, data centre, shared network, shared power, etc) • Align IT standards across the Industry to improve efficiency, while driving data integrity and enabling • Enable cost reduction through shared back office operations (centralized processing, colle ctions; etc) information exchange 2 Increase access, convenience and service levels across the Industry 1 Reduce Industry cost-to-serve by 30% 3 Enable greater financial inclusion and integration of financial services into the economy, with its attendant positive impact on economic development * Payments is the key driver of cost of distribution, which accounts for almost 60% of the industry cost base Source: Central Bank of Nigeria NIB

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