Banking
Again, CBN Re-Introduces Charges on Cash Deposits, Withdrawals
By Daily Trust
There are strong indications that the Central Bank of Nigeria (CBN) may have concluded arrangement to re-introduce cash handling fees for both deposits and withdrawals as its board of governors approve the full implementation of the cashless policy nationwide.
The CBN Deputy Governor, Operations, Mr Adebayo Adelabu, gave the hint while addressing the annual dinner of the Nigerian Electronic Fraud Forum (NeFF) in Lagos over the weekend.
Mr Adelabu said, “The committee of governors has approved the implementation of the full cashless policy yesterday and the CBN will release a circular which will detail out the process of re-adoption of the policy by next week (this week).”
It would be recalled that the apex bank had on April 22, 2017, suspended indefinitely, the nationwide implementation of the policy following massive outcry that greeted the reviewed cash handling fees.
In a circular signed by Mr Dipo Fatokun, Director, Banking and Payments System Department of CBN, the bank instructed banks to revert to old charges and refund customers who had been debited.
CBN had earlier announced new charges on deposits and withdrawals above a threshold of N500,000 for individuals and N3 million for corporate bodies.
The apex bank had directed banks to charge 1.5 percent and 2 percent for deposits and withdrawals ranging from N500,000 and N1 million in the individual category; 2 percent and 3 percent for amount above N1 million to N5 million; and 3 percent and 7.5 percent for amount above N5 million.
For corporate organisations, CBN fixed 2 percent and 5 percent for deposits and withdrawals between N3 million and N10 million respectively; 3 percent and 7.5 percent for above N10 million to N40 million; and 5 percent and 10 percent for amount above N40 million.
But the new circular said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.
The circular further stated that the old charges to be reverted to are: 3 percent processing fee for withdrawals above N500,000 in the individual category and 5 percent for withdrawals above N3 million for corporate category, while no fees are charged for lodgements.
Cashless policy is a policy established in 2012 by the CBN to curb excesses in the handling of cash in Nigeria. It prescribed cash handling charges on daily withdrawals above N500,000 for individuals and N3,000,000 for corporate bodies. The policy was enforced not to eliminate the use of cash but to reduce the volume of cash in circulation.
The pilot run of the policy started on January 1, 2012 in Lagos State. The service charges were withheld till 30 March of the same year to allow for seamless migration from the manual to electronic devices.
The second stage of the pilot run started in Rivers, Anambra, Abia, Kano, Ogun and the Federal Capital Territory on July 1, 2013 while the programme nationwide started exactly a year after; on 31 July 2014.
Reacting to the announcement, Dr Uju Ogubunka, President, Bank Customers Association of Nigeria (BCAN) said, “The truth of the matter is that, there were reasons why the full implementation was suspended. The question therefore is, whether those reasons have been resolved.
“We all appreciate that we do not need to be carrying cash up and down, with its attendant cost of recycling.
“We also need to know if the policy will come under a new guideline or merely bringing back what they suspended before, we can then make informed decisions.”
Barrister Ken Ukaoha, President, National Association of Nigerian Traders (NANTS) commended the CBN for its laudable intervention in the economy but expressed worry that placing charges on deposits may encourage businesses keeping money outside the bank.
Mr Ukaoha said: “The CBN needs to do more on the domestic end. They need to reflect the views of the domestic trading environment.”
Ms Christine Lagarde, Managing Director of the International Monetary Fund (IMF), said Nigeria could save as much as $9 billion (N3.24 trillion) by shifting government payments from cash to digital systems.
Speaking in Ethiopia recently, Ms Lagarde said 1.7 percent of the country’s gross domestic product (GDP) could be saved via the digitisation of the country’s payment systems.
She said “the potential to help reduce corruption, increase revenues, and generate investments in health and education means digital tools could be a decisive factor in meeting the 2030 Sustainable Development Goals.”
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
