CBN Orders Banks To Refund Charges Above Cashless Policy Limits | Independent Newspapers Limited
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CBN Orders Banks To Refund Charges Above Cashless Policy Limits

Posted: Aug 3, 2015 at 12:56 am   /   by   /   comments (0)

By Bamidele Ogunwusi, Lagos

The Central Bank of Nigeria (CBN) at the weekend directed that charges by commercial banks in the country above the cashless policy limits in the 30 states be put on hold until further directive is received from the apex bank.

The bank also directed the banks to refund charges of withdrawals above the threshold on cashless limits in the remaining 30 states to affected customers’ accounts.

The directive, contained in a circular signed by the Director, Banking and Payments System Department, Dipo Fatokun, said: “Charges inadvertently applied by banks on their customers’ accounts in the remaining 30 states, with effect from 1st July 2015, should be reversed immediately.”

The CBN had announced the deferment of charges for individuals and corporate account holders who wish to withdraw cash above the prescribed limits in the 30 states it plans to extend the policy to from July 1, 2014. The charges on withdrawals for both individual and corporate account holders was suppose to take effect in the remaining 30 States from July 1, 2015.

The Central Bank last year said the waiver was to allow ample time for the deployment of adequate infrastructure needed to support the policy.

It noted that having successfully completed phase one and two of the policy in six pilot states as well as the Federal Capital Territory, the phase three of the initiative would take off as planned.

Under the cashless policy which is aimed at reducing the dominance of cash in the system, the CBN had pegged the daily cumulative cash withdrawal/deposit limit for individual accounts at N500,000 per day and N3 million per day for corporate accounts.

But while unveiling his agenda for the Central Bank, the CBN Governor, Mr. Godwin Emefiele, had abolished charges for cash lodgment.