Cashless Policy: Halt charges on bank customers — Reps tell CBN


The House of Representatives has called on the Central Bank of Nigeria (CBN) to halt the controversial charges it imposed on bank customers regarding the recently re-introduced cashless policy.

The House at plenary on Thursday, September 19, 2019 says the charges should be suspended by the Apex bank further to the implementation of the policy.

The suspension, according to the federal parliament, should remain until the apex bank had made due consultations with all relevant stakeholders.

The house argues that the policy will have negative impact on small and medium enterprises, which are seen to be the engine room for growth of the economy.

The motion was entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria.’

Adopting the motion, the lawmakers resolved to urge the CBN to “suspend the implementation of the cashless policy on deposits which has taken effect from Wednesday, 18th September, 2019, until appropriate and extensive consultative process is concluded.”

CobraReview reports that the CBN via a circular on Tuesday, September 17, 2019, had directed all Deposit Money Banks (DMBs) in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank said DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgements of amounts above N3m.

CBN says the charges were introduced to drive development and modernisation of the country’s payment system in line with the vision 2020 goal of being among the top 20 economies by the year 2020.

The directive has since been faulted by several experts who are of the opinion that the policy will further heighten the burden of bank customers as well as discourage the culture of saving among Nigerian consumers.

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