Services @ Dexterity Portal

Today

September 2019
S M T W T F S
1
2345678
9101112131415
16171819202122
23242526272829
3031
Categories: InfotechNews

Bank customers begin payment of charges for deposits, withdrawal of cash

Advertisements

The Central Bank of Nigeria, CBN, has said customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy.

The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges in a statement.

“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),” he said.

Okojere said the implementation of the cash-less policy nationwide would take effect from March 31, 2020.

Also to further promote the cashless economy and to enhance the collection of applicable government revenues, the CBN announced a review of the process for merchant settlement.

The regulator has, effective today, approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

Okojere announced a downward review of the Merchant Service Charge (MSC) from 0.75 per cent capped at N1,200 to 0.50 per cent capped at N1,000.

“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,” the statement read.

Pushing for the full use of the online payment system, the apex bank said for Nigeria to actively play at the world stage, “our payment system must be successfully benchmarked against the global best practices, as in most developed nations of the world.”

Ogugua

Recent Posts

First Fruits in the Eyes of God

First fruits, separated unto God First fruits of God are His prime choice out of…

1 month ago

Beware of fraudsters using Bianca Ojukwu for scams

Fraudsters using Bianca Ojukwu for scams The Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu,…

3 months ago

US HORs Urges Trump To Impose Sanctions On Nigeria Over Persistent Killings Of Christians

During the session, the House discussed the persistent killings of Christians by Islamist extremists. The…

3 months ago

Lawyer Declares Nnamdi Kanu’s Prosecution Unlawful, Criticizes Nigerian Govt

He described any attempt to prosecute Kanu under the Terrorism Prevention (Amendment) Act 2013 as…

4 months ago

Nigeria’s Power Sector Crumbles Under Infrastructure, Electricity theft

According to reports, Nigeria’s power sector loses billions of naira annually to electricity theft and…

4 months ago

U.S. Supreme Court orders Trump administration to unfreeze foreign aid payments

Trump administration to unfreeze foreign aid A divided Supreme Court on Wednesday rejected the Trump…

4 months ago