WorldStage Newsonline—All is set for the Central Bank of Nigeria's (CBN) cash-less policy to commence in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States effective July 1, 2013.
The policy, which is currently operational in Lagos State, aims at reducing the amount of physical cash circulating in the economy, and encouraging more electronic-based transactions payments for goods, services, transfers among others.
This policy will drive development and modernization of our payment system within these States as all individuals and corporates will be encouraged to adopt electronic payment and banking options.
The following modalities will thereby apply in the above mentioned States from July 1, 2013: The cash-in-transit lodgment and cash evacuation services will no longer be available to customers or merchants; 3rd party cheques above N150,000 shall NOT be eligible for encashment over the counter. Value for such cheques shall only be received through lodgments into customer's account; For individual account holders, charges will apply when daily withdrawals and deposits are in excess of N500,000;For corporate account holders, charges will apply when daily withdrawals and deposits are in excess of N3,000,000
The applicable charges under the policy are for deposit- individual 2% on excess; corporate 3%. For withdrawal- individual 3% on excess; corporate 5% on excess.
Exemptions have however been granted on lodgments and withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
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