Mixed reactions trail CBN’s cashless policy

Central Bank of Nigeria has given clarification on its proposed nationwide implementation of extra charges on withdrawals and deposits on individual and corporate accounts, saying it will begin by March 31, 2020.

The apex bank in a statement signed by the CBN’s Director, Payments System Management Department, Sam Okojere, to all Deposit Money Banks, said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which took effect from yesterday, will attract three percent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above five hundred thousand naira for individual accounts.

The statement, however, clarified that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

It explained that the charges were introduced to drive development and modernization of the country’s payment system in line with the vision 2020 goal of being amongst the top twenty economies by the year 2020.