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CBN Introduces New Charges On Deposit/Withdrawal On Individual Account

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The Central Bank of Nigeria (CBN) has said that effective from 18th September 2019 cash deposits and withdrawals from individual bank account henceforth will attract extra charges.

Mr. Sam Okojere, the Director, Payments System Management Department at the CBN disclosed this In a circular dispatched to all deposit money bank (DMBs), saying henceforth 3 percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts.

 

In a similar manner, 5% will be applicable for corporate account as processing fee for withdrawals and 3% processing fee for deposits above N3million.

 

The CBN reiterated that it is not a substitute to the already existing charges, but it is aimed at encouraging its cashless policy.

 

However, there are exceptions to the policy as it will only affect the deposits in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

 

Furthermore, the CBN also announced a review of the process for merchant settlement by bank customers.

 

The CBN said it has directed the 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.

 

Meanwhile, the nationwide implementation of cashless policy will take effect from March 31, 2020 the CBN added.

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