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:
|
|
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amount withdrawn by the customer is N600,000, and the service charge will apply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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