Here's What You Need To Know As CBN Gives Stirling Trust Cash-In-Transit License

The Central Bank of Nigeria (CBN) has given Stirling Trust Company Limited license to operate cash-in-transit operations in Nigeria. The CBN made this known in a statement obtained by AllNews, which was directed to all deposit money banks as well as licensed CITs and CPCs operating within Nigeria.

AllNews gathered that the approval had been given to Stirling Trust Company Limited since April 23, 2020. It was however just made public by the regulator of the financial industry. The CBN in the statement informed stakeholders in the financial sector to provide necessary assistance to aid the company's operation.

"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. Kindly accord Stirling Trust Company Limited all necessary assistance in the discharge of their functions as Cash-in-Transit service provider." CBN said in the statement.

What You Need To Know

Stirling Trust Company Limited will now function as a cash-in-transit service provider that assists banks and other financial institutions to convey their cash from one location to another, Companies offering cash-in-transit service make use of bullion van to transport cash across the country.

Stirling Trust, which was created in 1989, is already operating as a cash-in-transit service provider for First Bank of Nigeria (FBN) Limited. Aside from cash-in-transit service, Stirling Trust also provides Fund Management, Logistics, Car hire, Warehousing, and Leasing services. The Managing Director and Chief Executive Officer of Stirling Trust Company is Patrick Iniovosa.