Cash in Transit (CIT) is money that is being physically transferred from a business to the bank, and vice versa.
- To CBN – It aids the CBN cashless policy.
- To the Commercial banks – It aids the supply of money to various alternative cash payments such as Point-of-Sale (POS) terminals and multifunctional ATM (Automated Teller Machine)
- To the public – It gives easy access to cash transfer or withdrawal via ATM.
- It help the CBN policy to reduce (not totally eliminating) the amount of physical cash (Coins and Notes) in the circulation.
- It also encourages more electronic based transactions such as payment for goods and services via ATM transfers.
There are huge risks involved and basically the risk is transferred to the Insurance Company, otherwise borne by either the Bank or the CIT Company.
It is important to quickly alert the security agencies especially the Police Force either via radio or telephone for quick response and rescue.
Basically, a minimum of B6 armoured van is required to operate CIT in Nigeria and globally.
