CBN Suspends Banks’ Withdrawal Charges In 30 states

The Central Bank of Nigeria on Tuesday said the third phase of its cashless policy initiative would commence as scheduled in the remaining 30 states of the federation.The development was confirmed by a statement by Mr Isaac Okoroafor on behalf of the Director, Corporate Communications Department of the CBN. The statement further stated that the nationwide roll-out became imperative following the success recorded in the first and second phases of the policy.

It, however, added that as was done in the first two phases of the roll-out, a one-year waiver has been granted on the application of withdrawal charges in the 30 states. This implies that withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers states and the Federal Capital Territory.

The statement reads in part, “Having successfully completed phases 1 and 2 of the cash-less policy in six Pilot States and the Federal Capital Territory, the Management of the Central Bank of Nigeria hereby notifies all stakeholders and the general public that phase 3 of the policy’s implementation will commence as scheduled on July 1, 2014, in the remaining 30 States of the Federation.

“However, 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 slated for rollout in phase 3. Therefore, charges on withdrawals for both individual and corporate account holders will only take effect in the 30 States from July 1, 2015.  This waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy, as well as additional sensitization of various stakeholders on the merits of the policy.”