Cashless Policy: Nigerians To Start Paying For Bank Deposits By March 2020 – CBN

The Central Bank of Nigeria (CBN) said that the nationwide implementation of the cashless policy will begin by March 2020, a policy at which Nigerians operating bank accounts will be mandated to pay charges for deposits and withdrawals.

This was made known in a statement issued on Tuesday, September 17, 2019, the CBN said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular from the apex bank, the charges, which take effect from Wednesday, September 18, 2019, will attract three percent processing fees for withdrawals and two percent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five percent processing fee for withdrawals and three percent for lodgments of amounts above N3m.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

It added that the implementation of the cash-less policy would take effect from March 31, 2020