Bankers Warehouse (BW) Limited has officially launched Nigeria’s first Bank Neutral Cash Hub (BNCH) at the Mile 12 International Market in Lagos, with a commitment to establish 200 more hubs across major markets nationwide.
The BNCH initiative is designed to reduce the risks and costs faced by banks, merchants, and heavy cash handlers during cash management activities. It also seeks to deepen financial inclusion while leveraging shared services to improve efficiency in cash handling and security.
Speaking at the unveiling ceremony, held at Gate 2 of Mile 12 Market, Chairman of BNCH, Mr. Victor Hammond, noted that the project had been delayed for about three to four years. However, he expressed delight that it had finally been launched, emphasizing that 200 hubs would be rolled out within the next 18 months. He added that in less than two years, no part of the country would be left without banking access, as BNCH facilities would eventually extend beyond marketplaces into towns and cities.
Also present was Mrs. Stella Gema, a Deputy Director at the Central Bank of Nigeria (CBN), who highlighted the apex bank’s collaboration with financial institutions and cash-processing companies to create BNCH. She explained that the initiative aims to reduce risks such as theft during cash transit while ensuring efficiency, transparency, and collaboration in cash management. Despite the rise of digital payments, she stressed that cash remains an essential part of Nigeria’s markets.
In his remarks, Mr. Lloyd Onaghinon, Managing Director and Chief Executive of BW, described the milestone as a turning point in Nigeria’s financial system. He further noted that this development marks not only the country’s first bank-neutral cash hub but also the first of its kind in sub-Saharan Africa.
