Regulatory Alerts2019-09-18 | PSM/DIR/GEN/CIR/02/014Re: Implementation of the Cashless Policy
The Central Bank of Nigeria is implementing a cashless policy with charges on deposits and withdrawals in several states and the FCT, effective September 18, 2019. The policy will be implemented nationwide by March 31, 2020, with varying processing fees for individual and corporate accounts. Deposit Money Banks are expected to ensure strict compliance with these regulations.
PAYMENTS SYSTEM MANAGEMENT DEPARTMENT CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187.
Garki, Abuja.
+234 (0) 946238346 September 17, 2019 Ref: PSM/DIR/CON/CWO/02/014 To: Deposit Money Banks
Re: Implementation Of The Cashless Policy
Further to our circular ref BPS/DIR/GEN/CIR/04/004 we write to inform all Deposit Money Banks that the Central Bank of Nigeria (CBN) has approved that:
- Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective September 18, 2019. Details are as follows:
| Account Type | Withdrawal/ | Processing fees for | Processing fees for |
|---|---|---|---|
| lodgment limits | withdrawals | Lodgments | |
| Individual | Above N500,000 | 3% | 2% |
| Above N3,000,000 | 3% | ||
| Corporate | 5% |
- Nationwide implementation of the cashless policy will take effect from March 31, 2020.
Please ensure strict compliance Payments System Management Department