Ahead of the April 1, 2017 implementation date for charges on deposit and withdrawal limits under the cashless policy of the Central Bank of Nigeria (CBN), LEADERSHIP findings revealed that some banks have already begun to charge customers exceeding the limit.
The CBN last month announced that the cashless policy which was suspended in 2015 would go live across the country this year in five stages with the policy taking effect first in Lagos, Ogun, Kano, Abia, Anambra, River and Abuja by Saturday April 1, 2017.
However, LEADERSHIP findings show that the branch of a first generation bank in Lagos had begun implementing the charges as at last week as customers who wanted to make deposits above N500,000 were told to either pay the charges or reduce the amount to be deposited.
Some affected customers who spoke with LEADERSHIP said they were not aware of the policy and were shocked that they had to pay to make deposits. A business center operator, Johnson said: “I was surprised when they told me I have to pay extra to make deposits above N500,000 because the belief is that the cashless policy is to start next month. The bank’s staffer refused to listen to me.”
A currency hawker, Abdul who said he had gone to make deposit in the bank to secure the day’s trade also complained of having to pay to deposit funds in his account. “The bank charges all sort of things and now they are charging me again for depositing money in my account. That means they don’t want me to bring my money to the bank. What I’m I paying all those other charges for?” He queried.
He however said he was not aware that the cashless policy is to go live in a few days.
According to the policy, cash deposits or withdrawals of N500,000 and above will be charged between 1.5 per cent and 7.5 per cent charges. Details of the charges showed that individual customers deposits and withdrawals of amounts below N500,000 would attract no charges, while corporate customers would equally not pay any charge for deposits or withdrawals below N3 million.
However, individual deposits of between N500,000 and N1 million would attract 1.5 per cent charge, against two per cent for withdrawals. Also, individual deposits of between N1 million and N5 million would attract a charge of two per cent, against three per cent for the deposit of a similar amount, while depositors above N5 million would pay three per cent as against 7.5 per cent for the withdrawal of equivalent amount.
Equally, all corporate deposits between N3 million and N10 million would attract a two per cent charge, against five per cent charge for withdrawals, while deposits of amounts between N10 million and N40 million would attract three per cent surcharge and 7.5 per cent for withdrawal.
The new charges also affect deposits and withdrawals above N40 million, which would henceforth attract five per cent and 10 per cent charge respectively for corporate organizations.