CBN orders banks to impose charges on deposits, withdrawals

By David Olalekan.

The Central Bank of Nigeria (CBN) has directed commercial banks to impose transaction fees on customers making cash deposits or withdrawals in furtherance of its cash-less policy.

According to the CBN Payments System Management Department Director, Sam Okojere who made the disclosure today, the charges will only apply in some selected states in the country.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” the CBN official said.

Speaking on the cash-less policy which is billed to take effect nationwide from March 31, 2020, Okojere said, “The cash-less policy provides safe and efficient mechanisms for making and receiving payments with minimum risks to the CBN, payment service providers and end-users.

“The cashless payment is catching on to the extent that even the lowly members of the society now do transactions online.

“Without this policy, Nigeria cannot be integrated into the world’s financial system.”