Stella Dimoko Korkus.com: CBN's New Cashless Policy To Charge Nigerians For Cash Withdrawals And Deposits

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Wednesday, September 18, 2019

CBN's New Cashless Policy To Charge Nigerians For Cash Withdrawals And Deposits

The Central Bank of Nigeria (CBN) says Nigerians will now be charged more for cash deposits and withdrawals in furtherance of its cashless policy.






In a circular, dated September 17, 2019, the CBN's director of Payments System Management Department, Sam Okojere, instructed deposit money banks tomplement the policy starting from September 18.

"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," the statement read.

According to the policy, a 3% processing fee will be charged for withdrawals of amounts above N500,000 for individual accounts, while 2% will be charged for deposits.

For corporate accounts, a processing fee of 5% will be charged for withdrawals, and 3% for deposits of amounts above N3 million.

"Please ensure strict compliance," the CBN circular told banks.

While the cashless policy is currently implemented in only six states and the Federal Capital Territory, nationwide implementation will take effect from March 31, 2020.

The CBN hopes the policy will reduce the amount of physical cash (coins and notes) circulating in the economy, and encourage more electronic-based transactions.
from pmnews

42 comments:

  1. They are mad. How many market woman hv bank acct. If you wish to reduce cash in circulation. Why pay for depositing nd fixed acct. No be from acct we go do cashless. Mumu people looking for ways to suck poor people dry.

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  2. No problem, we go dey keep money for under ground be that

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  3. Charges for depositing???? Ikon Allah.

    Team Mercy

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  4. We are progressing to the next level. We all should fasten our seat belts.

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    Replies
    1. This is cash deposits only! If your business is big to the extent that you have daily turnover of 500k, then you need any of the electronic means or pay the 15k. How many people carry 1000 dollars or pounds cash abroad? Tomorrow, you complain of security issues when you carry cash around

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    2. 16:31, I blv they stand to lose more in terms of discouraging bank deposits. Ppl will either break up their deposits over a longer period of time or deposit when just absolutely neccesary. If anything, it will encourage money laundering the more. Why will anybody want to be charged twice (deposit and withdrawal) on the same amount. Instead of the government to rack its head, get productive and bail this nation out of its economic situation its taking the cheap lazy man's alternative of taxing already groaning masses.

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  5. What kind of stupid thing is this one bikonu? You will charge me for depositing my money with you, meanwhile you need my money? And this supposedly is a cashless policy?.

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  6. at least my house is sufficient for me to save.

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  7. What is the level of literacy in Nigeria?
    Is elementary and secondary education free and compulsory in Nigeria like
    in developed economies?
    Does Nigeria have free public wifi in libraries and coffee shops/malls like is
    done in other countries with comparable economy?
    Even the developed economies with all of the above do not have this kind of harsh policies.
    How many people in Nigeria has electronic gadgets?
    What have they done with the monies earned from VAT, taxes etc.?
    Look at how dilapidated basic immensities are and they are scheming to collect more?

    ReplyDelete
    Replies
    1. Those buharist will pretend they didn't see these questions. Reason, I don't take them serious here anymore. Nigeria is a shit hole.

      Delete
    2. Iz like they have target gratuity and pension amount they must scrape off Nigerians before 4 years is over
      Including the ones handed over and collected from previous economic saboteurs


      Mark many will rot in jail or go into exile except there is no God
      Justice is surely coming

      Insensitive
      Evil
      Daft
      Nepotistic
      Greedy
      Selfish
      People

      These ones no longer use whips but now use scorpions

      Keep pushing Nigerians you will soon get the response you deserve Baba I am not aware

      Delete
  8. Rubbish country,charging 3% 5% for deposit and withdrawal,reaping people off their money,yet they want to go cashless,how will they use their head when the stupid leaders in power are too old,their mentality and how they reason is whack,to crown it all they are wicked and careless about citizens but themselves.Nigerian citizens too no try at all,you just let these your stupid leaders treat you anyhow and get away with it.

    ReplyDelete
    Replies
    1. For ONLY CASH deposits up to 500k. Pay or withdraw less than 500k into your account and nobody will charge you

      Delete
  9. Very good. Sai baba government. Let's enjoy the ride together

    ReplyDelete
    Replies
    1. You and who?

      Noooo
      You are on your own ooo

      Delete
    2. My dear you guys voted for them during year 2015

      Delete
  10. I get it, but when you have more illiterates than literates, high level of digital crime because of lack of understanding of the basics of digital crime, poor electricity, poor internet service connection for quick transactions, CBN,is going totally digital really our problem right now? The equillibrum isn't balanced. You can't say to people go digital while Nigeria has one of the poorest educational system worldwide and the highest rate of cyber crime it just does not make any sense.

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  11. These people are just useless! Stupid policies all time. Nonsense

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  12. They will charge for transfers, charge for withdrawals now they want to charge for deposits? All of the are very MAD!! like Nigerians are not stressed enough.

    ReplyDelete
    Replies
    1. Lol... I have said this before, whoever cursed Nigeria must be a very powerful magician. The effect is so potent and don't seems like going off anytime soon.

      Delete
    2. Tj

      Everything that has a beginning has an end
      Must have an end

      Delete
    3. Go and deposit 490k daily, nobody will charge you. If you make more than that, then you are a big player and need to employ trusted hands if you are an illiterate

      Delete
  13. So Abia state has alot of money in circulation yet the state is nothing to write home about.
    CBN should better sit down and review this foolish policy

    ReplyDelete
  14. You won't see awon buharist comment on this post, but if it's to ask TEEJAY useless question they will shamelessly do that. I noticed the one that have been afraid to mention my name but seeking my attention Lol... You don't deserve my rejoinder.

    ReplyDelete
    Replies
    1. you are suffering from amnesia is it not jonathan incompetence that gave way to Buhari,even if Atiku won he is not going to do anything peter obi being the vice president will not even be able to do anything,we are just wishing if he won it would have been better. it is only the collective will of Nigerian for a better Nigeria that would eventually save us.

      Delete
  15. Who are the folks managing the economy of this country? This senseles, not-well- thought-out, stupid plan will only decrease putting money in the bank there by inviting hoodlums home.

    What did we do to get this clueless, wicked and selfish folks ruling this country?

    Burying money underground won't come at a better time.

    Smh.

    ReplyDelete
    Replies
    1. Nigeria keeps getting worse each passing day. Does it means Nigeria situation defile prayers?

      Delete
    2. I thought you knew better but the hatred for 1man has consumed your brains. Use POS if your business has over a 500k daily cash transaction

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    3. Like they don't charge for POS, abi?

      Delete
  16. Lemme just continue with my kolo aka piggy bank

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  17. Buharised economy!. Sai Baba!! Bringing more hardship to Nigerians since 2015..

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  18. Sam, much like his colleague TUNDE are samples of lazy individuals aggressive and ruthless enough to find their way to power. Meanwhile their intelligence, creativity/ innovation is zero.
    POS hardly works but that one is not his business their business is just to sit down and think of ways to make money off the people. That’s all. POS, ATM, banking standards are all left in the hands of God and the Bank MD’s all these people know how to do is tax.

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  19. This country is finished. So from 500k upwards deposit attracts extra charges?????? #SMH

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  20. So for withdrawals of more than 500,000 naira you pay 3%. Just have several accounts in different banks and still beat the system.

    Nigerian policy makers are stupid fa.

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  21. Or register a company and have your limit raised to 3m cash depsoit or withdrawal but have FIRS knocking on your door. Problem is we complain about things being bad in Nigeria but want to keep doing what keeps us down? How many people get paid in cash abroad? We use illiteracy as excuse yet we use phones and compare ourselves with other countries. I support this policy. If your transactions are more than 500k daily, go electronic or register a company to increase your limit. Insecurity and corruption is first tackled with technology before human intervention aka law enforcement agencies.Growing up, armed robbers used to visit compound by compound because they know people keep cash at home especially weekends. Today, which armed robber wants to take the risk to go door 2 door when they may only get 15k in a household and with bank daily withdrawal limits,they cant force you to the nearest ATM machine, the risk isnt worth it. For this reason, home robbery is almost non- existent

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    Replies
    1. How can you compare jand to Nigeria? Our Banking system is crap! Why do we only imitate what is of disservice to the masses? We charge for transfer of funds from one bank to another, charge 60 for using a different Atm machine charge business owners for using POS is that done in other developed countries we imitate? Till date I no longer reside in the UK by the way but they still send me my debit card with 0 balance, your fave bank in Nigeria could never. Robbery isn't our major issue but corruption if the country wasn't so corrupt, we wouldn't have so many robbery cases in the first place. This is not our issue yet, focus on education/sensitization of the illiterates/ eradicate corruption then implement.

      Delete
  22. Why would anyone want to withdraw 500k cash? It should be cashless by doing online transfer except there are sinister motives

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  23. Only the states in the south and kano where igbos are. Time to give money and do things , they go to the north and implement that.its well. Hausas, you people have killed us

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  24. Are electronic cash transactions supported by our Constitution? How is it that Nigeria eagerly goes electronic ONLY when its time to milk the masses? It is yet to go electronic in electoral voting (they say it is not in our Constitution). It is yet to go electronic in making legislative decisions on the floors of its Assemblies. In these areas, our own system suddenly becomes unique and in need of 'homegrown solutions'. No need to align ourselves with the rest of the world. Naija keep up the self deception, u hia? Don't look out the window and see the advancement going on in the world per passing second.

    ReplyDelete

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