Cashless Policy: No processing fee, tax for agent locations – CBN

The Central Bank of Nigeria (CBN) has said to encourage cashless
policy, agent locations would be omitted from paying processing
fees or tax on cash out done.

It also said they would constantly take proactive measures to
curb e-payment fraud by continuous collaboration within the banks
and capacity building for financial institutions fraud
departments.

The Director, Payments Systems Management Department who doubles
as the Chairman of the Nigeria electronic Fraud Forum (NeFF) Mr.
Sam Okojere made this declaration at the second general meeting
over the weekend.

He said, “For clarity, the processing fees will only be applied
on withdrawals above the prescribed thresholds. Likewise, if a
corporate account should make a withdrawal or deposit N4 million in
one day, the processing fee would be 5% of the N1m that is in
excess of the prescribed threshold of N3m.

“In addition, there will be no processing fee either under the
Cashless Policy or tax on cash-out done at agent locations in order
to encourage financial inclusion in the country,” he explained.

On securing payment systems, he added: “As we build on the
impressive successes recorded over the years, it is our aspiration
to sustain the momentum and set new targets that will further
secure the payments system.” Referring to the recent fraud report,
he said, “The NIBSS second quarter fraud report of 2019 shows
attempted fraud volume decreasing by 47.28% from Q1 figures, while
Web, ATM and Mobile remain the usual suspects to be used by
fraudsters.

“Therefore, it is necessary to review and strengthen the
existing roles and enact new regulations to mitigate fraud risks in
the Payment system. Taming fraud will continue to be a focus for
the Forum.”

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