Effective Today, CBN Directs Banks to Charge Customers for Deposits & Withdrawals in Preparation for Cashless Policy Go Live Nationwide

Central Bank of Nigeria (CBN) has disclosed that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said this in a circular to all Deposit Money Banks (DBN) in the country.

It said that the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from Wednesday, September 18, 2019, will attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3,000,000.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

It added that the implementation of the cash-less policy would take effect from March 31, 2020