CBN clarifies cashless policy transaction charges – TheNigerialawyer

The Central Bank of Nigeria (CBN) says the transaction charges
on deposit and withdrawal in furtherance of the implementation of
its cashless policy is on the amount in excess of the set
limits.

The Director, Corporate Communication Department, Mr Isaac
Okorafor, made the clarification in an interview with News Agency
of Nigeria (NAN) in Abuja on Monday.

NAN reports that CBN on Sept 17 issued a circular to deposit
banks to commence the implementation of the cashless policy in six
pilot states across the country.

The CBN explained that transactions would attract three per cent
processing fees for withdrawal and two per cent processing fees for
lodgement of amounts above N500,000 for individual accounts.

Similarly, corporate accounts would attract five per cent
processing fees for withdrawal and three per cent processing fees
for lodgement of amounts above N3 million

The apex bank directed that implementation should commence from
Sept. 18 in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States, as
well as the Federal Capital Territory (FCT).

It, however, stated that the nationwide implementation of the
cashless policy would take effect from March 31, 2020.

Okorafor explained that contrary to the misconception on the
implementation of the policy, the charges would only be on the
excess of N500,000 deposited or withdrawn for individuals and N3
million for a corporate body.

According to him, if an individual deposited N510,000 the two
per cent charge would be on the N10,000 excess which is N200
only.

He said the same applied to a withdrawal of same amount, adding
that the three per cent charge would be on excess of the set
limits.

He said that the same thing also applies to the corporate body
also which five per cent on withdrawal and three per cent on
lodgement of amounts above N3 million.

Many Nigerians welcome the development, noting that it would
enhance transparency in financial dealings and reduce crimes such
as ransom payment and extortion among others.

Others, however, described it as an additional burden on banks’
customers who were already laden with other charges by the
banks.

CBN Governor Godwin Emefiele had also said, after the Monetary
Policy Committee meeting on Friday in Abuja, that the policy was
inaugurated in the country in 2012 and implementation began in
2014.

“The policy says if you deposit money in the bank above a
particular threshold which for an individual is N500,000 and N3
million for corporate bodies, then you will be charged, same for
withdrawal.

He stated that the policy was not designed to de-franchise
hardworking Nigerians as perceived by some categories of
people.

According to him, data conducted revealed that close to 95 per
cent of cash deposited and withdrawn fall below this threshold.

Emefiele said Nigerians had already embraced electronic channels
and online transaction in market places.

He added that Micro, Small and Medium Enterprises now had
various options and channels available to collect a legitimate
payment for goods and services, like POS, banks transfer using ATM,
USD code among others.

He said that the cashless policy increases transparency in
financial dealings and reduce crimes such as ransom payment and
extortion among others.

The governor said the bank had the mandate under the CBN Act
2007 as amended to promote a sound and stable financial system
through a credible efficient payment system.

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Aisha Buhari advocates for more Funding, Political Will
to end TB

First Lady of Nigeria and Global TB Ambassador, Dr. Aisha Buhari
has called for more funding to Fast track efforts to end
Tuberculosis. She made the call during the UN High Level Meeting on
Tuberculosis at the UN Headquarters, New York on Sunday, 22
September, 2019..

She challenged leaders to increase political Commitment and be
accountable to their promises of increasing resources and
supporting effective and sustainable partnerships to end TB.

She was represented at the meeting by Dr. Hajo Sani, Senior
Special Assistant to the President of Nigeria.

The meeting was aimed at promoting multi-sectoral Action to take
forward the Commitments made last year at the United Nations High
Level Meeting on Tuberculosis.

Mrs. Buhari made reference to the last meeting of African First
Ladies alongside the African Union General Assembly in Addis Ababa,
where she made it clear that TB should be integrated in the fight
against HIV/AIDS as that will harmonize plans and actions relating
to the two related killer diseases.

“As a Global TB Champion and Ambassador, I have used my position
as the First Lady to promote TB among stakeholders in different
sectors, with support from Stop TB Partnership Nigeria and working
with wives of state governors.”

She called on governments, United Nations agencies, development
partners, academic and research institutions, civil society, media,
celebrities, patients and survivors, private sector to close ranks
and ensure the implementation of the commitments made at the last
meeting.

Director-General of World Health Organization (WHO), Dr. Tedros
Ghabreyesus in his speech delivered by Dr Zsuzsanna Jakab, Deputy
Director-General, confirmed that successes are being recorded in
the fight against TB, but called on stakeholders to advance action
and accelerate progress made so far.

He spoke extensively on the Multisectoral Action Framework (MAF
-TB), which  aims to support effective accountability of
governments and all stakeholders, at global, regional and country
levels, in order to accelerate progress to end the tuberculosis
epidemic. The Framework, he further said is aligned fully
with the End TB Strategy and the 2030 Agenda for Sustainable
Development.

He said now is the moment for action and the time to
deliver.

The meeting was jointly organized by the Russian Federation and
World Health Organization and was attended by UN agencies, civil
society representatives and funding institutions as well as
delegations from Russia, South Africa, Vietnam, Japan, Uganda,
Zambia, Chad, Oman and Barbuda and Nigeria.

Suleiman Haruna

Director of Information

to First Lady of Nigeria

State House

Abuja