Nigeria's premier electronic switching company, Interswitch Limited, is set to take advantage of the cashless policy to make life even easier for the banking public. This is courtesy of its partnership with cashless banking backbone agency, Beyond Branches.
The impact of this latest "igede" is simple. People who need to make deposits in a particular bank need not labour or journey to locate their own bank to make the payments or deposit cash. They can pay money into any bank and the account will be credited. Simple as ABC! This is similar to being able to withdraw cash from ATM machines whether it belongs to your bank or not with no extra charge. Imagine lower transport costs, shorter journeys, and (my personal favourite) avoidance of banks with notoriously long queues among other benefits.
It is worthy of note that this service shall run only on the Quickteller platform developed by Interswitch Ltd. Though the take off date isn't out of the bag yet it looks set to start in the first quarter of 2014.
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