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JustIn: UBA exempts debit card, digital transactions from CBN’s cashless policy charges



United Bank for Africa has said that transactions done through any of its digital channels will not be subject to the Central Bank of Nigeria’s stipulated charges on deposits and withdrawals.

Such digital channels include Mobile Banking, Internet Banking, Leo, *919# and the debit cards, UBA said.

The commercial bank made this known via a message it emailed to its customers on Thursday evening.

Also Read: CBN Spends N146Bn To Support 849,480 Rice Farmers – Emefiele

UBA had written, “As part of the effort to drive the cashless policy and enhance the efficiency of the Nigerian payments system, the Central Bank of Nigeria has re-introduced charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates.

“This policy will commence with immediate effect and is in addition to the already existing charges on withdrawals.

“The charges will apply when you make cash withdrawals or deposits above N500,000 or N3,000,000 at any UBA branch in Lagos, Ogun, Kano, Abia, Anambra, Rivers States, and the FCT.

Also Read:  CBN Reduces Charge On POS, Credit, Debit Cards

“A nationwide implementation will take effect from March 31, 2020.

“Please note that transactions through our digital channels (Mobile Banking, Internet Banking, Leo, *919#) and our debit cards, will not be subject to these charges.”

Source: Punch

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