20th September, 2019
Banks have notified customers about the extra cash they will lose to the treasury when they make cash withdrawals above N500,000 as individuals or N3million as companies in six states and Abuja.
It is a Central Bank of Nigeria directive, meant to give the existing cashless policy a big leap and enhance the efficiency of the Nigerian payments system. And it goes into effect immediately.
According to a notification by one of the banks, deposits by individuals above N500,000 will now attract a charge of 2 percent or N10,000, while withdrawals attract 3 per cent or N15,000 charge.
For companies , cash deposits above N3,000,000 will attract a charge of 3 per cent or N90,000, while withdrawals of the same amount will attract a charge of 5percent, which is N150,000.
This in addition to the N50 that the banks charge accounts when you make payments or deposits.
The charges will commence immediately and is “in addition to the already existing charges on withdrawals”, UBA said.
The pilot states for the charges are Lagos, Ogun, Kano, Abia, Anambra, Rivers States, and the FCT.
A nationwide implementation will take effect from March 31, 2020.
Only transactions through digital channels, such as mobile banking, internet banking and debit cards, are exempted from the new charges.
