Editorial Team

Emmanuel Udom-Managing Editor, Stephen Dijo Philemon-Deputy Editor, Janet Udom-Senior Correspondent, Precious Udom-Senior Correspondent, Williams Ita-Bureau Chief(Akwa Ibom/Cross River), Fabian Idoko-Senior Correspondent

    Manufacturer's Representative Import Export General Merchandise Contract Adress: Araromi Quarters, Owode Area, Ifo, Ogun state, Nigeria P.O.Box 2632, Oshiodi, Lagos Telephone: 2348166719412

    Tuesday, 1 October 2013

    GTB commences cashless policy charges on transactions


     By Precious Udom

    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:

    2% on excess
    3% on excess
    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if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000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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