The directive came through a memorandum signed by FAAN Managing Director Mrs. Olubunmi Kuku, titled Cessation of Cash Collections/Transactions and dated February 3, 2026. The memo was addressed to all directorates within the agency.
Kuku explained that the move follows a Federal Executive Council (FEC) approval requiring government agencies to fully embrace a cashless economy. She instructed all directors to take immediate steps toward compliance, ensuring that approved digital and electronic payment channels are adopted across all official business activities.
The policy aligns with the Nigerian government’s broader push to reduce reliance on physical currency and deepen the penetration of digital financial systems across public institutions.