Central Bank of Nigeria (CBN) on Monday set the minimum capital for companies registered for operation of ( CPC) Currency Processing Company and Cash-in-transit (CIT) at N4 billion, while companies registered to operate both regional CPC and CIT are to have a minimum capital of N2.5 billion.
A national CIT refers to a company registered to operate in all states of the federation, while a regional CIT operates within the states of one geopolitical zone.
According to the revised guidelines released by the CBN on Monday for the registration of CPC and CIT, a company registered to operate as a national CIT is to have a minimum capital of N1 billion or such other amount as may be prescribed by the CBN from time to time.
In the same vein, a company registered to operate as a regional CIT shall have a minimum capital of N500 million.
According to the revised guideline, a company registered to operate as a national CPC shall have a minimum capital of N3 billion or such other amount as may be prescribed by the CBN from time to time, be entitled to establish offices in any state of the federation subject to approval by the CBN for the purpose of carrying out its operations, and be authorised to process cash in naira and foreign currencies to any part of Nigeria. A company registered to operate as a regional CPC shall have a minimum capital of N2 billion or such other amount as may be prescribed by the CBN from time to time.
Promoters shall be private companies and/or individuals with proven integrity and experience in currency sorting operations, financial services, currency processing systems, sales and maintenance (evidence and proficiency required).
In order to enhance the efficiency and cost-effectiveness of currency management, facilitate the generation of fit naira banknotes for payment, promote the use of shared facilities to drive down currency management cost, engender healthy competition among service providers and ensure product quality, integrity and standardisation in Nigeria, the CBN mandated all companies, including Deposit Money Banks, who are desirous of providing currency distribution and/or currency processing services in Nigeria, either for themselves or for other DMBS, to register with the CBN.
