CBN Reverses Cashless Policy, Banks To Refund All Customers Who Have Been Debited

 

You will recall that a directive was issued on the nationwide implementation of the cashless policy vide our circulars with reference numbers BPS/DIR/GEN/CIR/04/001 dated February 21 and BPS/DIR/GEN/CIR/04/002 dated March 16.
“Please note that the new withdrawal and deposit processing fee charges above the threshold, as contained in the circulars referenced above, are hereby suspended until further notice. The position of the policy shall now revert to the status quo ante,” the circular read.

 In a circular signed by its Director, Banking and Payments System Department, Dipo Fatokun, the apex bank instructed banks to revert to old charges and refund customers who had been debited.
The old charges to be reverted to are 3 per cent processing fee for withdrawals above N500,000 in the individual category and 5 per cent for withdrawals above N3 million.

“The new policy already applied effective April 1, 2017 as contained in the circulars in reference above should be reversed and the old charges be applied. All necessary refunds should be made accordingly,” the CBN stated.