The Director, Banking and Payment System Department, Central Bank of Nigeria (CBN), Dipo Fatokun, has said that the Cashless Policy which went live on July 1 in 30 states, came with some amendments that made the apex bank postpone certain charges till a year.
He stated that the CBN had not started implementing charges for withdrawals above the thresholds because a major point in the policy was introduced which is called “Service Charges”.
Speaking as a guest on Channels Television’s Saturday breakfast programme, Sunrise, Mr Fatokun explained that Service Charges would only be implemented on withdrawals above certain thresholds when it becomes operational.
Explaining the thresholds, he said: “If individuals withdraw cumulatively in a day more than 500, 000 Naira, the charge is 3%. For corporate organisation if more than three million Naira is withdrawn in a day the charge is 5%”.
He pointed out that the policy had gone live but the Service Charges were postponed for a year.
Another official of the apex bank, the Head of Shared Services, Chidi Umeano, stated that before the Cashless Policy became operational, charges were on both deposit and withdrawal, but charges on deposit were removed on June 5 to encourage customers to bring in their money.
