CBN cashless policy in Nigeria was introduced as at 2012 for the sole purpose of reducing the amount of physical amount in the country and encouraging more e-transactions. The former cashless policy stipulated a cash handling charge of 3% on daily cash withdrawals that is above N500,000 for individuals; while a charge of 5% is for corporate bodies above N3,000.000. It was also noted that withdrawal above N150,000 on all third party cheques can only receive value through a clearing house and not across the counter, the licensed cash in transit companies are only permitted to pick up cash service while banks are not; and the charges on cash transactions made are borne by the account holders. Though the policy has been coupled with criticisms, the cashless policy has succeeded in aiding cheaper and flexible access to bank services by consumers and has driven the development and modernization of Nigeria’s payment system.
What is a Cashless Policy?
A cashless policy is a policy made by the CBN to reform the handling of cash in Nigeria by encouraging an environment where transactions are made from one person to another without physical cash being carried about. E-transactions include the use of ATMs (Automated Teller Machine), mobile banking/payments, internet banking, point-of-sale (POS) terminals and electronic funds transfer. The CBN cashless policy seeks to reduce the dominance of cash in Nigeria which in turn has disadvantages of a high cost of cash transfer along the value chain, a high subsidy, an informal economy, the inefficiency and corruption made by cash scammers and the insecurity caused by carrying cash around.
In February 2017, a new cashless policy reintroduced by CBN has suspended the former percentage of cash charge placed on larger money withdrawals. The remaining thirty states of the federation have been added to the existing cashless states which include Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT.
The charges on cash deposits and withdrawal have been reviewed as seen here: For individuals, less than N500,000 has no charge for deposit and withdrawals. From N500,000 to N1M goes for 1.5% charge for deposit and 2% for withdrawals. Above N1m to N5M has 2% for deposit and 3% for withdrawals. While above N5M goes for 3% (desposit) and 7.5% for withdrawals.
The corporate bodies have charges to both deposits and withdrawals as written here: No charge is offered for amounts less than N3M. 2% and 5% charge respectively is for amounts between N3M to N10M. 3% for deposit charge and 7.5% withdrawal charge for amounts above N10M to N40M. While a 5% charge for deposit and 10% charge for withdrawal goes for amounts above N40M.
These new charges would be implemented from 1st of April, 2017, in these states: Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT. The policy shall be implemented with the charges taking effect on the 1st of May, 2017 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau. On the 1st of August, 2017, the polity will make an effect in the following states: Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa. The approved of CBN for the implementation of the new policy is on the 1st of October, 2017 in the following states: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.
However, the policy exempts the revenue generating accounts of the federal, state and local governments (lodgements only), embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria from all processing fees relating to the cashless policy implementation. Besides, the apex bank of Nigeria directed that the income generated from the processing fees charged above the allowable cash transaction limits shall be shared between the CBN and the banks in the ratio of 40:60.
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