Banks sensitize customers on cashless policy charges on withdrawals and deposits

Commercial banks in the country have started sensitizing their customers on what to expect from April when the Central Bank of Nigeria’s cashless policy comes into effect.

In the statements sent by GTBank and Diamond Bank to all customers titled “Nationwide implementation of CBN Cashless Policy”, they stated that “In line with the recent Central Bank of Nigeria (CBN) circular dated 21, February 2017, please note the regulatory changes to the cashless policy charges on withdrawals and deposits.”

In the circular, CBN re-introduced new charges on deposits and extended the policy to 30 states of the federation in Phases.

The banks said the new charges will commence 1st April in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT.

The policy will commence from May 1st in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau States, while charges on account holders in Edo, Kastina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa States will become effective August 1

The banks further said, charges in Borno, Benue, Ekiti, Cross-river, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara States will be effective October 1.

Accordingly, the banks explained that for individual accounts who wish to deposit or withdraw cash less than N500,000 no charges will be applied.

Cash deposits for individual accounts from N500,00 to N1M, 1M to N5M and above N5M will attract a charge of 1.5%, 2% and 3% respectively while cash withdrawals for individual accounts from N500,00 to N1M, 1M to N5M and above N5M will attract a charge of 2%, 3% and 7.5 percent respectively.

For corporate account holders, the bank said charges would apply when daily cumulative withdrawals are in excess of N3 million.

The banks said Revenue generation accounts of the Federal, State and Local Government are exempted from the directive. Embassies, Diplomatic Missions, multilateral and aid donors agencies in the country are also exempted.