Regulatory Alerts2015-07-30 | BPS/DIR/GEN/CIR/02/006Nationwide Rollout of Cashless Policy to the Remaining 30 States
The Central Bank of Nigeria has directed banks to put a hold on charges for withdrawals above a certain threshold in 30 states. This is a follow-up to a previous circular on the cashless policy rollout. Any charges applied from July 1, 2015, onwards should be reversed immediately.
BANKING AND PAYMENTS SYSTEM DEPARTMENT CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
+234 - 0946238445 BPS/DIR/GEN/CIR/02/006 July 13, 2015 TO: ALL DEPOSIT MONEY BANKS, MICROFINANCE BANKS AND PRIMARY MORTGAGE BANKS RE: NATIONWIDE ROLLOUT OF CASHLESS POLICY TO THE REMAINING 30 STATES Please refer to our circular dated June 9, 2014, referenced BPS/PSP/DIR/CIR/VOL.1/ 008 on the above.
It has come to our notice that some banks have started applying charges on withdrawals above the threshold, in the remaining 30 states of the Federation.
The Central Bank of Nigeria hereby direct that the charges in these 30 states be put on hold, until further directive is received from the Bank.
in light of the above, charges inadvertently applied by banks on their customers' accounts in the remaining 30 states, with effect from 1st July 2015, should be reversed immediately.
Dipo Fat Director, Banking and Payments System Department