Banks commence cashless policy charges in Abuja, Kano, others today

In line with the Central Bank of Nigeria, CBN’s time table for the implementation of the cashless policy, banks operating in the country will today commence charges on cash withdrawal and deposit transactions in the Federal Capital Territory, Abia, Anambra, Kano, Ogun and Rivers States.

The CBN said the cashless policy aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based solutions for payments for goods and services, transfers among others.

“The policy will drive the development and modernisation of payments system within the FCT and the selected States as all individuals and corporate organisation will be encouraged to adopt electronic payment and other banking options,” the CBN said.

According to the CBN, the following modalities which are already in effect in Lagos since January will attract charges in the six states as follows; individual account holders, charges will apply when daily cumulative or single cash withdrawals and deposits are in excess of N500,000, While for corporate account holders, charges will apply when daily cumulative or single cash withdrawals and deposits are in excess of N3,000,000.

The apex bank said the applicable charges on excess deposits or withdrawals will therefore be as follows; for individual charges o excess deposit is 2 per cent, excess withdrawal attract 3 per cent.

For Corporate account holders excess deposit attracts 3 per cent, while excess withdrawal attracts 5 per cent.

National Mirror gathered that banks have been sending emails messages and sms to their customers to remind them of the commencement of the charges.

It was also gathered that exemptions have however been granted on deposits and withdrawals for accounts operated by embassies, diplomatic missions, multilateral agencies, aid donor agencies, ministries, departments and agencies of Government (revenue collections only), microfinance banks (MFBs) and primary Mortgage institutions (PMIs).

It would be recalled that the second phase of the cashless project took off in the five states, including the FCT in July 1, but implementation of the charges were deferred until October 1.

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