Companies within the Cash in Transit (CIT) industry are specialized in the transportation of
banknotes, coins, bulk cash, diamonds, non-personalized smart cards, non-personalized passports,
and processing of cash and other valuables. Many cash in transit companies are private security
companies that offer cash handling and processing as part of their services. CIT is regulated by the
Apex Bank in Nigeria. Cash in Transit in Nigeria is quite lucrative.
Cash in Transit (CIT) License is a requirement for Nigerian Companies who want to engage in the
business of handling cash movement or other valuables. Banks were directed by the Central Bank of
Nigeria (CBN) to cease cash-in-transit lodgment services that were previously rendered to their
merchant customers. Any Bank that continues to offer cash in transit lodgment services to
merchants shall be sanctioned.
Only CIT licensed companies are allowed to provide cash pick-up services. The banks are to engage
the services of the CBN licensed CIT companies to aid cash movements to and from their banks on
mutually agreed terms. The CBN has stipulated appropriate sanctions against banks that flout the
ban on CIT lodgment service. Cash in Transit in Nigeria is highly regulated by the CBN.
CASH IN TRANSIT IN NIGERIA
Only a few companies run in this space and the obtaining a Permit is from the CBN is compulsory to
offer this service. Deposit Money Banks (DMBs), otherwise known as commercial banks, are
expected to patronize only these registered companies for CIT or be penalized. These companies will
usually take the dual duties of handling cash movement and currency-sorting operations.
Contravention of the policy by commercial banks shall attract a fine of N1.0 million per specie
COMPLIANCE REQUIREMENTS OF CASH IN TRANSIT COMPANIES
In line with the policy of the CBN on the operation of registered service provider in cash handling
industry, companies are expected to submit monthly reports to the Director, Currency Operation
department, Central Bank of Nigeria not later than 15th day of the following month on your activities,
detailing the volume of banknotes evacuated and processed, customer and locational distribution of
activities, stock of armoured vehicles and processing equipment and facilities, critical incident such
as robbery attacks on bullion vehicles, loss of cash in transit, details of dispute between CIT
companies and clients, accidents, pilferages, and other matters. The CBN also performs periodic
on-site inspection of company facilities, process, structures, agreement with cargo and haulage
companies, insurance and adequacy of systems deployed.
GUIDELINES ON OPERATION OF CASH IN TRANSIT IN NIGERIA
The CBN as part of its effort towards devolving the retail cash management to the private sector, has
approved the revised guidelines for registration of Cash Processing Companies (CPCs) and Cash In
Transit (CIT) firms. These guidelines provide for the operation of CITs and CPCs at both national and
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