Cashless Policy: CBN Orders Banks to Refund Charges
By Dipo Olowookere
Commercial banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to ensure they refund all charges from customers for cash deposits and withdrawals since the beginning of this month.
This followed the reversal of the cashless policy reintroduced on April 1, 2017, by the apex bank.
In a circular issued by the bankers’ bank, its Director of Banking & Payments System Department, Mr Dipo Fatokun, ordered the banks to ensure “all necessary refunds should be made accordingly” to customers already charged for the suspended services.
“You will recall that a directive was issued on the nationwide implementation of the cashless policy via our circulars with reference numbers BPS/DIR/GEN/CIR/04/001 dated February 21, 2017 and BPS/DIR/GEN/CIR/04/002 dated March 16, 2017.
“Please note that the new withdrawal and deposit processing fee charges above the threshold, as contained in the circulars referenced above, are hereby suspended until further notice.
“The position of the policy shall now revert to the status quo ante,” the CBN said in the circular dated Thursday, April 20, 2017 and signed by Mr Fatokun.
He said “the policy on third party cheques shall remain in force,” adding that “The new charges already applied effective April 1, 2017 as contained in the circulars in reference above, should be reversed and the old charges as stated above should be applied.”
The circular said the old charges to be reverted to are 3 percent processing fee for withdrawals and no processing charges for lodgements on individual accounts within N500,000; and 5 percent processing fee for withdrawals and no processing charges for lodgements on corporate accounts within N3 million.