The policy takes effect from today as against the June 2012, before it was postponed to January 1, 2013, and again to July 1, 2013. The CBN had explained that the postponements were due to some infrastructure challenges
The cashless policy, which is presently operational in Lagos State, aims at reducing the quantity of physical money current in the economy, and inspiring a lot of electronic-based transactions (payments for merchandise, services, transfers, etc.).
The policy places daily limits on amounts that can be withdrawn and deposited by customers over the counter and, upon exceeding such limits, customers would be required to pay certain charges for cash handling on the excess amounts
The policy places daily limits on amounts that can be withdrawn and deposited by customers over the counter and, upon exceeding such limits, customers would be required to pay certain charges for cash handling on the excess amounts. - See more at: http://leadership.ng/news/010713/finally-cashless-policy-goes-live-abuja-5-states#sthash.QrOkg4ss.dpuf
The policy places daily limits on amounts that can be withdrawn and deposited by customers over the counter and, upon exceeding such limits, customers would be required to pay certain charges for cash handling on the excess amounts. - See more at: http://leadership.ng/news/010713/finally-cashless-policy-goes-live-abuja-5-states#sthash.QrOkg4ss.dpuf
This policy can drive development and modernization of our payment system at intervals these States as all individuals and corporates will be encouraged to adopt electronic payment and banking options.The following modalities can thereby apply in the on top of mentioned States from July 1, 2013:
1. The money-in-transit lodgement and cash evacuation services can now not be obtainable to customers or merchants.
2. third party cheques above N150, 000 shall NOT be eligible for encashment over the counter. price for such cheques shall only be received through lodgement into customer's account.
3. For individual account holders, charges can apply when daily withdrawals and deposits are more than N500, 000
4. For company account holders, charges can apply when daily withdrawals and deposits are more than N3, 000,000
Kindly note that the above limits apply to this point because it involves money, regardless of channel i.e. over the counter, ATM, third party cheques cashed over the counter etc.
For example, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the overall amount withdrawn by the customer is N600,000, and therefore the charge can apply on N100,000 - the quantity on top of the daily free limit of N500,000.
Exemptions have however been granted on lodgements and withdrawals for accounts operated by the following;
Embassies
Diplomatic Missions
Multilateral Agencies
Aid Donor Agencies
Ministries
Departments and Agencies of government (revenue collections only) Microfinance Banks (MFBs) and primary Mortgage establishments (PMIs)
- PocketMoni ETranzact's Mobile Money Service and How to Register
PocketMoni eTranzact's Mobile Money Service and How to Register
- See more at: http://www.jindublog.com/search/label/Cashless%20Policy#sthash.dSWS52Ud.dpuf
