Banks in the country are making last minute preparations for the takeoff of Central Bank of Nigeria (CBN)’s cashless policy pilot scheme in Lagos by January 1, 2012.

The cash lodgment/withdrawal limit policy, an initiative of the CBN and Bankers Committee will ensure that a daily cumulative limit of N150,000 and N1,000,000 on free cash withdrawals and lodgments by individual and corporate customers, respectively. Also, third party cheques above N150,000 will no longer be eligible for encashment over the counter, as value for such cheques shall be received through the clearing house.

One of the banks that has adequately prepared for the takeoff of this policy is FirstBank. FirstBank, through its array of products and services coupled with the various electronic payment channels, has set the stage for hitch-free implementation of the policy. Some of the products designed to ensure full and seamless implementation include FirstPay, FirstMobile, FirstAlert, and FirstOnline, among others.

The nation’s leading financial services group is offering its customers these safe, convenient and secure alternative banking channels to facilitate the drive towards a cashless economy, as well as promote financial inclusion.

The bank which recently was adjudged the “Most Innovative Bank In Africa” at the African Banker Awards in Washington, has various products that enable payments, transfers, cash deposits, and purchases via the Internet, mobile phones, Point of Sale Terminals (Pos) and automated teller machines (ATMs).

Nigerian Tribune gathered that the bank has invested massively in technology to ensure it offers its existing and prospective customers the ultimate experience in terms of service delivery.

First Bank  raised the bar in technology-driven banking through a suite of highly secure electronic banking products and the recent introduction of the bio-metric Automated Teller Machine (ATM), the first in Nigeria’s banking sector. The deployment of the new biometric solution provides convenience and security to the Bank’s diverse customer segments, and aligns with the financial inclusion strategy of the CBN to address the unbanked population.

Speaking on the bank’s preparedness recently, Group Managing Director, First Bank Nigeria Plc, Mr Bisi Onasanya, said the bank’s alternative channels will ensure that customers enjoy effective service when the Operation Cashless Lagos campaign commences by January 1, 2012.

The Bank’s FirstPay channel, a web-based payment platform, is  designed to allow clients directly effect payment instructions in a secure and efficient manner.

The solution is most suitable for clients who carry out bulk payments against their accounts in form of salary payment, vendor/supplier payment, e-dividend and pensions, among others regardless of account bank. It gives the corporate customer power to execute payment instructions without first sending a physical instruction to the bank and waiting for the bank to effect the instructions.

The product allows the initiation of an instruction by uploading the instruction in an approved file format. Following the upload, the transaction authoriser is notified by e-mail and/or SMS with the payment authorisation code which enables the authoriser approve payments, with corresponding debit and credit entries passed automatically.