The Central Bank of Nigeria’s decision to halt charges on cash deposits until September 30, 2024,fostering financial inclusion, encouraging cashless transactions, and supporting economic recovery.
The apex bank disclosed this in a circular dated May 6, 2024, signed by its director of Banking Supervision, Adetona Adedeji.
Customers of some of the Deposit Money Banks raised concerns that the banks have begun collection of processing fees for cash deposits as of May 1.
In the email shared by the bank’s customer, a concerning issue was raised regarding unauthorized transactions on their account. It appears that the customer’s personal information may have been compromised, leading to fraudulent activities on their account.
This breach the critical importance of cybersecurity measures within financial institutions to safeguard sensitive customer data.
Based on the bank’s move, two per cent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.
According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended.
The circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019,” CBN said.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”
The apex bank directed financial institutions to continue to accept all cash deposits from the public without any charges till the end of the third quarter.
