Friday, September 20, 2019

Cashless Policy - Banks Begin Charging For Deposit In Six States

Implementation of cashless policy on cash withdrawals and deposit. The Central bank of Nigeria has issued a new circular on the implementation of the cashless policy. This is an additional information on the existing policy.

First bank has sent out email messages to his customers stating that effective from Wednesday September 18th 2019, you will be charged the following fees when you withdraw or deposit cash that is above N500,000 at any Firstbank branch located in Lagos, Ogun, Kano, Abia, Anambra, River States and the FCT Abuja.

The processing fee are as detailed below:
1. Individual account type withdrawal/deposit limits above N500,000 processing fees for withdrawal is 3% while processing fee for deposit is 2%

2. Corporate account type withdrawal/deposit limits above N3,000,000 processing fees for withdrawal is 5% while processing fee for deposit is 3% . The Nationwide implementation of the policy will take effect  on March 31, 2020.

To avoid the stipulated fee, use alternative channels for all payment above the set thresholds.

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