Nigeria's minister of Communications and Digital Economy orders NIPOST to temporarily go cashless

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November 8, 2019
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1 min read
NIPOST

The Nigerian Postal Service (NIPOST) has undergone a number of changes in recent times, and in its drive to stay relevant in today's fast-paced world, another change is imminent.

Yesterday, in a press statement, Nigeria's Minister of Communications and Digital Economy, Dr Isa Pantami, ordered the postmaster general to suspend all cash payment within all NIPOST establishments and make use of point of sale (POS) or bank teller transactions with immediate effect.

The move, according to the minister, was necessary due to the perceived presence of "unscrupulous elements" who were misusing the cash payments system to engage in a lot of corrupt practices.

In line with this directive, the ''general public and customers'' of NIPOST are enjoined to always insist on either POS or bank tellers during any transaction with NIPOST.

However, the move is only temporary as the ministry’s statement claims it is working on a permanent solution to fully automate the postal system.


Suggested Read: The potential impact of NIPOST on the financial and eCommerce sectors.


This comes on the back of the recent move by the Nigeria Inter-Bank Settlement System (NIBSS) to charge ₦50 stamp duty on POS transactions above ₦1,000.

While some of NIPOST’s services are relatively cheap, customers could be forced to pay the stamp duty when their transactions exceed the stated limit.

Though few letters are sent through NIPOST these days, the agency remains important for parcel deliveries and other logistics-related services and their widespread presence in the nation could remain beneficial to the Nigerian economy.

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