The Central Bank of Nigeria has issued a directive that effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract addition charges.
In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth three percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts.
Similarly, corporate accounts will attract five percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million.
The CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging its cashless policy.
The statement, however, said the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.
To further promote a cashless economy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement by bank customers.
With the review, which takes effect from Wednesday September 18, the CBN said it gave approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.
The financial sector regulator announced a downward review of the Merchant Service Charge (MSC) from 0.75 percent capped at N1,200 to 0.50 percent capped at N1,000.
The nationwide implementation of cashless policy will take effect from March 31, 2020, it said.