Fidelity Bank Begins Saturday Banking for Cash Deposits

By Dipo Olowookere

Tier-II lender, Fidelity Bank Plc, has commenced Saturday banking to allow customers to deposit cash into their bank accounts.

The financial institution confirmed this development in a notice sent to its customers over the weekend.

It explained that the purpose of this is purely to receive cash deposits from customers following plans to introduce new Naira notes into the nation’s financial system to tame inflation.

“President Muhammadu Buhari approves redesign, production, and circulation of new series of N200, N500, and N1,000 banknotes,” the Central Bank of Nigeria (CBN), said last week, urging Nigerians to support the currency design project, which is in the overall interest of every citizen of the country.

“The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” it added, noting that it seeks to “mop up N2.73 trillion out of N3.32 trillion outside the banks’ vault to take control of money supply in Nigeria.”

It, therefore, said the new Naira notes would be introduced by December 15, 2022, and that the old banknotes would seize to be legal tender in the country from January 31, 2023, announcing the suspension of charges on cash deposits.

To soak the pressure that might arise from the rush to change the old notes to the new Naira notes, Fidelity Bank has extended its working days to Saturday.

“Following the announcement by the Central Bank of Nigeria (CBN) on the introduction of new Naira notes, please be informed that we now open on Saturdays between 10 am and 4 pm for cash deposits only,” the bank said in the notice obtained by Business Post.

It further said the cash deposits would not attract bank charges as directed by the apex bank, which regulates the Nigerian banking industry.

Recently, UBA also announced the commencement of Saturday banking to accept cash deposits from its customers.