Regulatory Alerts2023-07-31 | PSM/DIR/PUB/CIR/001/049Exemption of Primary Mortgage Banks and Microfinanace Banks from Cash Withdrawal Limits
The Central Bank of Nigeria has directed that microfinance banks and primary mortgage banks that serve the economically disadvantaged be exempt from paying processing fees for withdrawals above the cash withdrawal limit. This exemption aims to support these financial institutions in continuing to provide specialized retail banking services to their customers. However, these banks must still adhere to the cash withdrawal limits set out in the circular dated December 21, 2022.
CENTRAL BANK OF NIGERIA Central Business District, Cadastral Zone AO P.M.B. 0187, Garki Abuja.
PAYMENTS SYSTEM MANAGEMENT DEPARTMENT Tcl: 09 462 38300, 09 462 38346 e-mail: psmd@cbn.gov.ng website: www.cbn.gov.ng PSM/DIR/PUB/CIR/001/049 July 31, 2023 TO: BANKS AND OTHER FINANCIAL INSTITUTIONS EXEMPTION OF PRIMARY MORTGAGE BANKS AND MICROFINANCE BANKS FROM CASH WITHDRAWAL LIMITS The Central Bank of Nigeria hereby directs the exemption of microfinance banks and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks.
This is to enable them continue to play their expected roles in the economy and provide specialised retail banking services to their customers.
Please, note that the microfinance and primary mortgage banks are required to fully comply with the cash withdrawal limits in serving their customers as per the circular with reference number BSD/DIR/PUB/LAB/015/073 dated December 21, 2022.
Please be guided accordingly. Yours faithfully,
Musa I. Jimoh Director, Payments System Management Department