CENTRAL BANK OF NIGERIA'S CASHLESS POLICY EXTENDS TO SIX MORE STATES.
Central Bank of Nigeria's (CBN)
cash-less policy will commence in the Federal Capital Territory (Abuja),
Abia, Anambra, Kano, Ogun and Rivers States effective July 1, 2013.
The cash-less policy, which is currently operational in Lagos
State, aims at reducing the amount of physical cash circulating in the
economy, and encouraging more electronic-based transactions (payments
for goods, services, transfers, etc.).
This policy will drive development and modernization of payment system within these States as all individuals and corporates will be encouraged to adopt electronic payment and banking options.
This policy will drive development and modernization of payment system within these States as all individuals and corporates will be encouraged to adopt electronic payment and banking options.
The following modalities will thereby apply in the above mentioned States from July 1, 2013:
- 1. The cash-in-transit lodgment and cash evacuation services will no longer be available to customers or merchants.
- 2. 3rd party cheques above N150,000 shall NOT be eligible for encashment over the counter. Value for such cheques shall only be received through lodgments into customer's account.
- 3. For individual account holders, charges will apply when daily withdrawals and deposits are in excess of N500,000
- 4. For corporate account holders, charges will apply when daily withdrawals and deposits are in excess of N3,000,000
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same day, the total amount withdrawn by the customer is N600,000, and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 lodgments 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).
For a seamless transition to a cashless economy, GTBank has made several safe and convenient alternative channels available for personal and business banking.
You may visit the site at www.gtbank.com to know more about the available banking channels (ways to bank)
Let us know if the info is useful.
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