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BREAKING: Abia, Anambra, others to start paying for Bank deposits in 2020

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Following reports, all bank account operators in Nigeria will begin to pay charges for deposits and withdrawals, Starting from September 18, 2019.

While disclosing this on Tuesday, the Nigerian apex bank, said that the nationwide implementation of the cashless policy takes effect from March 2020.

The Central Bank of Nigeria noted that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

the circular further stressed that charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

The apex bank regards to corporate accounts in the circular disclosed that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

It, however, noted that the charge on deposits would apply in Abia, Anambra, Lagos, Ogun, Rivers states and Kano as well as the Federal Capital Territory.

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