CBN Directs Banks To Reverse Charges From Customers In 30 States ~ BimzTheory

CBN Directs Banks To Reverse Charges From Customers In 30 States

Banks are to refund charges they made on customers who withdrew above the stipulated threshold under the cashless policy in 30 states.

According to reports from This Day newspaper, the Central Bank of Nigeria, CBN, has directed deposit money banks, microfinance banks as well as primary mortgage institutions make this refund in a circular titled: Re: Nationwide Rollout of Cashless Policy to the Remaining 30 States,” obtained at the weekend signed by the Director, Banking and Payment System Department, CBN, Dipo Fatokun.

The cashless policy, an initiative of the CBN aimed at reducing the amount of cash in the system started in LagosAbia, Anambra, Ogun, Kano, Rivers States and the FCT before it was extended to 30 more states in the country last year.

However, the charges on withdrawals for both individual and corporate account holders was expected to take effect in the remaining 30 States from July 1, 2015 but some banks had been taking charges prior to this.

The CBN has now mandated that these charges be reversed and no more charges be taken until a further directive is received from the Bank.