News in Brief

Nigeria Bans Cash for Revenue Payments

Nigeria’s federal government has banned the use of physical cash for revenue payments and directed all ministries, departments, and agencies (MDAs) to deploy point-of-sale terminals within 45 days, as part of a sweeping shift toward full electronic revenue collection.

The treasury is concerned about widespread unauthorised deductions carried out through customised MDA payment platforms. Some MDAs are using front-end applications linked to payment service providers that deduct charges before remitting balances to the treasury.

New York State Enacts a Cash Acceptance Law

The state of New York has passed a law that closely mirrors New York City’s existing cash acceptance ordinance, extending similar compliance obligations statewide.

The law applies broadly to businesses selling consumer commodities or services.