Posts: 4
New Member
Joined: 7 months ago


The central bank of Nigeria, CBN has released another update on its cashless policy, and for those who are still wondering about cashless policy, it is simply a policy adopted by the CBN to discourage transactions being done in cash and at the same time encourage the usage of point of sale service, ATM transfers, bank transfers, internet banking platforms and any other channels of payments that doesn't involve the movement of physical cash.

If we are to dissect this a bit, you will wonder how would someone who does not have the basic education make use of these channels? because I have been in a situation where someone asked me to put him through on how to withdraw his cash from the Automated teller machine(ATM) meaning he definitely cannot read or write or else why would he have needed my help for in the first place for something very sensitive? But this doesn't deter the drive of the CBN for its cashless policy.

In respect of this, the CBN has released a memo yesterday to all licensed financial institutions in Nigeria that operates in the following states: Lagos, Ogun, Abuja, Kano, Abia, Anambra, and Rivers states to further charge a percentage of the cash withdrawn or deposited alongside the initial charge that had been in existence for withdrawals. Well, I have attached a copy of the document for your perusal.

But I will like to ask that what happens to the states that were excluded from this list? does it mean I can withdraw such amount without having any surcharges? Maybe those who are living in the states not included can help us with the mode of operations of the financial institutions located there.

Also whenever I hear about the cashless policy of the CBN, I always think about their financial inclusion, these two are just twin of each other and whatever problems being faced by one is definitely the same problem faced by the other. The major hurdle for both is a high level of illiteracy in Nigeria. Can the Market woman even go to the bank to deposit money? before thinking of operating the automated teller machine.

3 Replies
Posts: 8
Active Member
Joined: 7 months ago

From this circular, what i understand is that anyone depositing or withdrawing more than N500,000 as an individual will be charged some percentage on his or her deposit or withdrawal as the case may be, but they are not telling us, where the charge will be going to, is it the banks or CBN itself. They need to answer this question.

Posts: 9
Active Member
Joined: 7 months ago

I support the cashless policy of the CBN but I don't really think they should charge that amount because whoever the beneficiary of the charge will not be disclosed, also armed robbery should reduce since there is no more cash to grab from the bank customers but as the writer has said, it will be hampered by the  high illiteracy level in Nigeria. But all the same, it is a good thing. 

Posts: 6
Active Member
Joined: 7 months ago

What is the meaning of this? so we will have to pay so that we can withdraw or deposit anything from N500,000 upwards, well trust me, I will withdraw N400,000 today and withdraw the remaining N100,000 the next day, sabi dem wise, we will tell them that we are wiser than them.


Leave a reply

Maximum allowed file size is 2MB

Preview 0 Revisions Saved
%d bloggers like this:

Please Login or Register