Bank customers begin payment of charges for deposits, withdrawal of cash

Customer making deposits and withdrawals in banks will from today pay a fee before the transaction can take place.

This is according to a new policy by the Central Bank of Nigeria, CBN, which is aimed at reducing cash in use in line with a cashless policy.

This was made known on Tuesday by CBN Payments System Management Department Director, Sam Okojere.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” he said.

Okojere added that a cashless policy will be fully implemented nationwide by March 2020.

A review of the process for merchant settlement has also been approved towards promoting the cashless policy.

“The cash-less policy provides safe and efficient mechanisms for making and receiving payments with minimum risks to the CBN, payment service providers and end-users.

“The cashless payment is catching on to the extent that even the lowly members of the society now do transactions online.

“Without this policy, Nigeria cannot be integrated into the world’s financial system,” the statement read.

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Bank customers begin payment of charges for deposits, withdrawal of cash
Bank customers begin payment of charges for deposits, withdrawal of cash

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