FAAN Moves To Cashless Operations, Bans Physical Currency Transactions

 The Federal Arports Authority of Nigeria (FAAN) has ordered an immediate end to all cash-based transactions across its operations, with a firm deadline of February 29, 2026.

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.

“All cash collections or transactions in the conduct of FAAN’s official businesses MUST STOP with effect from February 29, 2026,” the memo stated, adding that failure to comply would attract stiff penalties.

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.