Central Banking

Major revolution in Nigeria's bank industry begins

NIGERIA - A major revolution in Nigeria's banking industry began Monday with the automation of cheque clearing among all 90 banks in the country. The launching of the Nigerian Automated Clearing System (NACS), an arm of the Nigeria Inter-Bank Settlement System (NIBSS) will put an end to manual clearing of cheques and other payment instruments which has been the practice in the industry's 120-year history in Nigeria.

NACS will facilitate on-line cheque clearing whereby institutions, from the co

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