Saturday, 11 July 2015

Nationwide Implementation of Cashless Policy Charges On Cash Withdrawals

In a bid to drive the Cashless Economy Policy, The Central Bank has decided to place charges on cash withdrawals. This is done in a bid to discourage cash withdrawals and encourage citizens to embrace cashless payment or transaction options. A mail I got today from my bank reads thus:

We refer to the Central Bank of Nigeria's (CBN) cashless policy, and the previous communication deferring charges on cash withdrawals above the daily limits, in 30 states of Nigeria till July 1, 2015.
Please be informed that the following modalities which are currently operational in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States will now be effective nationwide, including the previously exempted 30 states of Nigeria: 
1.     For individual account holders, charges will apply when daily cumulative withdrawals are in excess of N500,000 
2.     For corporate account holders, charges will apply when daily cumulative withdrawals are in excess of N3,000,000
3.     The Cashless policy applies to all accounts including COLLECTION accounts i.e. all sub-accounts linked to the same account holder would be treated as one account for both corporate and individual accounts.
 Please find the applicable charges below:

Daily Withdrawal Limit
Withdrawal Charges
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if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000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 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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