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Banks to charge processing fee on transactions above N500,000

Banks to charge processing fee - News Blog in Nigeria

The nationwide implementation of the Central Bank of Nigeria’s cashless policy on deposits and withdrawals above of N500,000 will take effect nationwide from April 1.

The policy was mulled last year but had to be suspended after an uproar by Nigerians. It now however appears that the CBN is set to move forward with the unpopular policy.

Banking giant, Guarantee Trust Bank notified its customers of the policy ahead of time by sending them texts on Thursday.

According to the message, there will be three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

For corporate accounts, the bank said it would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.

Parts of the message read, “The Central Bank of Nigeria has announced that charges on cash deposits over N500,000 will be implemented nationwide effective from Wednesday, April 1st, 2020. “This comes as an addition to already existing charges on withdrawals.

“This means that whenever you deposit or withdraw cash over N500,000 at any of our branches located in Nigeria, you will be charged a processing fee

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