CBN Goes Tough On Cashless Policy, Imposes Charges On Bank Deposits


SAHARANEWS – The Central Bank of Nigeria (CBN) has announced the commencement of charges on deposits in addition to already existing charges on withdrawals.

A circular to all Deposit Money Banks (DMBs) said that the charges, which take effect from Wednesday, September 18, 2019, will attract 3% processing fees for withdrawals and 2% processing fees for deposits of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5% processing fees for withdrawals and 3% processing fee for deposits of amounts above N3, 000,000.

ALSO READ:  The United States Condemns The Brazen Killings Of Civilians In Nigeria

According to a statement signed by the CBN Director, Payments System Management Department Sam Okojere, the apex bank said the new policy is to further promote cash-less economy and enhance the collection of applicable government revenues.

The statement, however, disclosed that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory, adding that the implementation of the cash-less policy would take effect from March 31, 2020 in other states of the country.

ALSO READ:  BREAKING: (Live Broadcast) "IPOB Will Resist Any Form Of Inversion Or Terrorist Attack On Biafraland" - Nnamdi, Join Today's Live Broadcast As He Unvails Plans

Meanwhile, the CBN to further deepen financial inclusion and enhance the efficiency of the Nigerian payment system also implemented a downward review of the Merchant Service Charge (MSC) from 0.75% capped at N1,200 to 0.50% capped at N1,000.

SaharaNews recalls that in February 2017, the apex bank announced its intentions to introduce charges on cash transactions involving huge amounts across the country.

The directive was however suspended in April 2017 and refunds were made to customers.

ALSO READ:  Despite His Biweekly Routine Medical Trips To UK, The General Orders Nigerians To Stop Traveling Abroad For Treatments


Please enter your comment!
Please enter your name here