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CBN exempts banks serving the poor from cash withdrawal limit

by Vicky Oselumese
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CBN exempts banks serving the poor from cash withdrawal limit

The Central Bank of Nigeria has issued a directive exempting Primary Mortgage Banks and Microfinance Banks that serve the economically disadvantaged from the cash withdrawal limit.

This exemption was outlined in a circular released on Monday to banks and financial institutions.

The circular states that these banks are not required to pay processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their corresponding banks.

The purpose of this exemption is to allow these banks to continue their important role in the economy and provide specialized retail banking services to their customers.

However, it is emphasized that these banks must still comply with the cash withdrawal limits outlined in a previous circular.

This article was updated 1 month ago

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