Update: CBN Cashless Policy Charges on Cash Deposits, Withdrawals

By: Olajide Toriola

The Central Bank of Nigeria (CBN), cashless policy which is currently operational in 6 states has been extended to all states nationwide.

CBN has reviewed the charges and effective dates per state.

The breakdown of the new charges below:

Account Type
Amount
Deposits
Withdrawals
Personal
Less than N500,000
Free
Free
N500,000 – N1million
1.5%
2%
N1million – N5million
2%
3%
Above N5million
3%
7.5%
Corporate/Business
Less than N3,000,000
Free
Free
N3million – N10million
2%
5%
N10million – N40million
3%
7.5%
Above N40million
5%
10%

It is gathered by WesternPost that the new charges will be applied on cumulative withdrawal and deposit on all accounts (regardless of the cash withdrawal/deposit channel), and would begin in all states in the coming months.

access-bank-ad-westernpostnigeria

In April 1, 2017 the policy will start taking effective in Lagos, Ogun, Rivers, Abuja FCT, Anambra, Abia and Kano.

For states like; Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau, the effective date is May 1, 2017.

Also for Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa – Ibom, Ebonyi, Taraba and Nasarawa it begins on August 1, 2017.

The other states such as; Borno, Benue, Ekiti, Cross –River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara will begin the policy on October 1, 2017.

The current exemptions for the following organisations will remain in place; as such Mobile Money Operators (pool accounts only), Revenue generating Accounts of the Federal, State and Local Governments (lodgments only), Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collection only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs) will be exempted from paying these charges.

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