Discover and read the best of Twitter Threads about #cashlesspolicy
Most recents (2)
So I’ve noticed the backlash so far on social media with respect to the reintroduction of Cash Handling Charges above the thresholds for individuals and Corporate Bank 🏦 Clients by the Central Bank of Nigeria (CBN)🇳🇬. I’d like to educate folks. This is a thread. #CashlessPolicy
The Cashless Policy of the Apex Bank began as far back as 2012. The thrust behind the policy was to reduce (not end) the amount of physical cash circulating in the economy in a bid to encourage more electronic based transactions.
These include Point of Sale Terminals (POS), InterBank Transfers (NIBBS Instant Payment), Mobile & Internet Banking , QR Code and Unstructured Supplementary Service Data (USSD) amongst others.
This morning, a colleague walked up to me saying she heard that the CBN wants to start charging for every bank deposits she makes. I didn't have the strength to start arguing, I just gave her the circular and asked her to read it. She got the message. #CashlessPolicy
A THREAD
A THREAD
The prelude to this new circular was actually one issued in April 2017 where the CBN suspended the new withdrawal and deposits charges nationwide but maintained only the withdrawal processesing charges for Lagos, Ogun, Kano, Abia, Anambra, Rivers FCT. #CashlessPolicy
So what has changed? Nothing much. The only thing that has changed is the introduction of the processing fees for lodgments in the selected States. The processing fees for withdrawals remain the same and nationwide implementation is still not under March 2020. #CashlessPolicy
