We write to inform you of the commencement of Cashless Policy charges on cash withdrawal and deposit transactions in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States effective Tuesday, 1st of October, 2013 as directed by the Central Bank of Nigeria.
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, etc. The
Policy will drive the development and modernization of our payments
system within the FCT and selected States as all individuals and
Corporates will be encouraged to adopt electronic payment and other
banking options.
The following modalities which are already in effect will NOW attract charges as stated below:
1.For
individual account holders, charges will apply when daily cumulative or
single cash withdrawals and deposits are in excess of N500,000-
2.For
Corporate account holders, charges will apply when daily cumulative or
single cash withdrawals and deposits are in excess of N3,000,000
The applicable charges on excess deposits or withdrawals will therefore be as follows:
|
|
Deposit
|
Withdrawal
|
|
Individual
|
2% on excess
|
3% on excess
|
|
Corporate
|
3% on excess
|
5% on excess
|
Kindly
note that the above limits apply so far as it involves cash,
irrespective of channel i.e over the counter, ATM, 3rd party cheques
cashed over the counter etc. For example, if an individual withdraws
N450,000 over the counter, and N150,000 from the ATM on the same day,
the total amount withdrawn by the customer is N600,000, and the service
charge will apply on N100,000 - the amount above the daily free limit of
N500,000
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).
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