The Central Bank of Nigeria (CBN) has approved Stirling Trust Company Limited’s bid to commence cash-in-transit operations in the country.
The approval, which became effective in April this year, was just recently announced by the apex bank in a circular that was signed by the Director of Currency Operations Department, Ahmed B Umar, and addressed to all deposit money banks as well as all licensed CITs and CPCs in the country.
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The circular also encouraged all respective stakeholders to “assist” Stirling Trust Company Limited in the discharge of their new duty. The circular said:
“Please be informed that Stirling Trust Company Limited has been granted approval by the Central Bank of Nigeria (CBN) to commence Cash-in-Transit operations in Nigeria with effect from April 23, 2020.
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“kindly accord Stirling Trust Company Limited all necessary assistance in the discharge of their functions as Cash-in-Transit service provider.”
Stirling Trust Company Limited, which is a Lagos-based company incorporated in 1989, specialises in financial services, investment, logistics & human capital management services. Following its newest license, the company will now utilise its state-of-the-art armored vehicles (bullion vans) to transport cash across the country. Already, Stirling Trust Company Limited has a notable list of clientele which include First Bank of Nigeria Limited.
It should be noted that cash-in-transit operation is very critical to the Nigerian economy, as cash needs to be constantly moved around in order to keep the economy running.