CBN to charge more on transactions above N500,000

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The Central Bank of Nigeria says it will start charging individuals 3 percent processing fees for withdrawals and 2 percent for deposits of amounts above N500,000.

the directive takes effect from Wednesday, September 18.

Similarly, corporate accounts will attract 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million.

In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it’s 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.

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.

In June, the CBN announced the takeoff of the third and final phase of the cashless policy in 30 states.




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