By Providence Ayanfeoluwa
Bankers Warehouse (BW) Limited, yesterday, unveiled the first Bank Neutral Cash Hub, BNCH, in Nigeria at Mile 12 International Market, with a pledge of 200 more hubs to be birthed across major markets in the country.
BNCH is a cash collection centers established to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities; deepen financial inclusion; and leverage on shared services to enhance cash management efficiency.
Speaking at the unveiling ceremony held at Gate 2, Mile 12 Int’l market in Lagos, Chairman of BNCH, Mr. Victor Hammond, said that the hub should have been unveiled about three or four years ago, but however expressed joy that it was finally unveiled.
He said: “I am glad we are opening this because the Central Bank of Nigeria, CBN, now wants us to open similar bank neutral hubs all over the country. So we would be opening about 200.
“We would be opening about 200 hubs within the next 18 months. So you will not be surprised that after this has settled down, within the next 15 to 18 months, we will have about 200 of it scattered around the country. There will be no part of the country that will not be banked in another two years.
“Every part of the country will be fully banked because we will have BNCH and they would be acting on behalf of the individual banks chosen by the traders or the customers. Initially, we are opening them in marketplaces. Eventually, they will also be in towns and cities.”
Also speaking, a Deputy Director at CBN, Mrs. Stella Gema, said that the apex bank worked with banks to establish BNCH to address the challenges of people being rubbed.
“I’m aware that at times, people are trapped on the way. And that is one of the reasons why CBN looked at the need to establish this bank. To address these challenges, CBN, in line with its mandate, worked with banks, cash in transit, and cash processing companies to develop an innovative solution, the BMCH is a shared platform designed to receive cash. One defined by efficiency, transparency, and collaboration in the management of cash across the country. Even as digital payment system continues to expand, cash remains a vital part of our market,” she stated.
On his part, Managing Director/Chief Executive of BW, Mr Lloyd Onaghinon, said the opening of the facility marks the beginning of a new chapter in the country’s financial system.
He said: “It is not just the first bank-neutral cash hub in Nigeria, it is the first bank-neutral cash hub in sub-Saharan Africa.”
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