The Central Bank of
The banking sector regulator said in
Phase 1 of the scheme took off in
The CBN, in a notice by its
The bank however pointed out that as was the case in the pilot states, a one-year waiver has been granted on the application of withdrawal charges in the 30 states.
"This means that withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra,
The charges on withdrawals for both individual and corporate account holders, the regulator said, would only take effect in the 30 States from
The waiver, it explained, would allow ample time for the deployment of adequate infrastructure needed to support the policy, as well as additional sensitisation of various stakeholders on the merits of the policy.
In effect, 3 per cent charge for daily individual cumulative or single cash withdrawals in excess of N500,000, as 5 per cent charge on daily cumulative or single cash withdrawals in excess of N3 million would be suspended in the affected states till further notice.
In line with the policy roll-out, the GTBank, in a statement to all its customers, said that the cash-in-transit lodgement and cash evacuation services would no longer be available to customers or merchants.
The cashless policy, the bank said, was applicable to all accounts, including collection or sub-accounts accounts linked to the same account holder, which would be treated as one account for both corporate and individual accounts.
"Kindly note that the above limits apply so far as it involves cash, irrespective of channel (over the counter, automated teller machine, ATM, 3rd party cheques cashed over the counter)," GTB said.
The bank, however, said exemptions have been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, government Ministries, Departments and Agencies (revenue collection only), Microfinance Banks, MFBs and Primary Mortgage Institutions, PMIs.
Most Popular Stories
- U.S. Families 'Extraordinarily Vulnerable': Yellen
- Hillary Clinton to Address CHCI Conference
- Larry Ellison Steps Down as Oracle CEO
- Apple Locks Itself Out of Devices
- Alibaba Prices IPO at $68 a Share
- Veterans to Get Training as Solar Panel Installers
- Hispanics Doubt Marco Rubio's Chances
- Wildfires Rage in California
- John Cantlie Delivers ISIS Message to Save Life
- Alibaba: Today China, Tomorrow the World