CBN directs banks to refund charges in 30 States

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks, Microfinance Banks as well as Primary Mortgage Institutions to refund to their customers, charges applied for withdrawals above the stipulated threshold under the cashless policy in the remaining 30 states since 1st July 2015. The CBN gave the directive in a circular signed by the Director, Banking and Payment System Department, CBN, Dipo Fatokun. The cashless policy is an initiative of the CBN and the Bankers’ Committee aimed at reducing the amount of cash in the system. It was extended to 30 more states in the country last year. The policy, which commenced in Lagos state in 2012, was last year extended to Abia, Anambra, Ogun, Kano, Rivers States and the FCT. However, just like it did in the pilot state, the Central Bank had announced the deferment of charges for individuals and corporate account holders who wish to withdraw cash above the prescribed limits in the 30 states. The charges on withdrawals for both individual and corporate account holders were expected to take effect in the remaining 30 States from July 1, 2015, so as to allow enough time for the deployment of adequate infrastructure needed to support the policy.

Source: FBN/ Thisday - Easykobo