Connect with us

Business

Finally, Emefiele Raises Cash Withdrawal Limits to N500,000, N5m Weekly

Published

on

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has finally bowed to pressure to revise the bank’s cash withdrawal limits policy.

In a circular on Wednesday by the CBN’s Director of Banking Supervision, Haruna Mustafa, the CBN said it had reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5m respectively.

The CBN attributed the development to the feedback it got from stakeholders.

For transactions above the withdrawal limits, financial institutions are required to get details of the customers and upload same on the CBN portal created for the purpose.

Such information includes a valid means of identification of the payee (national identity card, international passport, or driver’s license), Bank Verification Number of the payee, Tax Identification Number of both the payee and the payer, and approval in writing by the managing director/Chief Executive Officer of the financial institution authorising the withdrawal.

It was also noted that third-party cheques above N100,000 would not be eligible for payment over the counter, while the extant limit of N10m on clearing cheques still subsists.

The CBN urged banks to encourage customers to use alternative channels (Internet banking, mobile banking apps, USSD, cards/Pos, eNaira, etc.) to conduct their banking transactions.

The CBN also said that it recognised the vital role that cash plays in supporting underserved and rural communities and would ensure an inclusive approach as it implements the transition to a more cashless society.

In an earlier circular it issued on December 6, the CBN had said that with effect from January 9, 2023, the maximum over-the-counter cash withdrawal limit by individuals and corporate organisations per week, would be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of  five per cent and 10 per cent respectively.

It further stated that maximum cash withdrawal per week via Automated Teller Machines, from January 9, would be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The apex bank also directed banks to load only N200 and lower denominations into their ATMs.

Following the previous directive, many stakeholders kicked against it.

The Association of Mobile Money and Bank Agents of Nigeria, said that point-of-sale operators would plan to protest as the policy was targeted at killing their source of livelihood.

The House of Representatives summoned the CBN governor and insisted that the bank must not proceed with its cash withdrawal policy.

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

MoneyMaster PSB Promotes Mobile Wallet at Ojude Oba Festival

Published

on

MoneyMaster Payment Service Bank Limited (MMPSB), a leading payment service bank, is attending the 2024 Ojude Oba Festival to promote its mobile wallet, which simplifies banking transactions in the country.

The Payment Service bank is licensed by the Central Bank of Nigeria and insured by NDIC to promote financial inclusion in furtherance of the Nigerian financial literacy initiative driven by the Central Bank of Nigeria. With Moneymaster, Nigerians can open mobile wallets, savings account, individual and business accounts to make payments, buy airtime, pay utility bills to over 4,000 companies.

It was recently appointed a payment partner to the Ounje Eko initiative by the Lagos State government in its bid to provide discounted food items to residents of the state amidst rising cost of food items. Moneymaster is positioned to support individuals and businesses in their journeys towards financial prosperity by offering bespoke financial services that meet their aspirations.

In a press release issued at the weekend, Moneymaster said it is rounding off a month-long market activation, engaging indigenes and residents of Ijebuland to come onboard its digital banking platform – mobile wallet. Moneymaster mobile wallet avails customers the opportunity to transfer or withdraw cash from an agent, buy airtime and pay utility bills.

It added that during this month-long activation, customers in Ijebuland who open an account stand a chance of winning free airtime amongst other gift items.

The PSB further said that the drive towards a cashless economy can become a reality when more and more Nigerians embrace mobile wallet so as to help them cultivate a more convenient savings habit and also enable them engage in banking transactions with ease.

“While we rejoice with the people of Ijebuland at this time, we also want to showcase what we have in Moneymaster’s mobile wallet that can help various people to enjoy seamless banking from their phones”, the statement said.

Continue Reading

Business

MultiChoice Obeys Court Order, Makes Downward Review of Subscription Cost

Published

on

Following a court order mandating it to halt the move to hike prices, MultiChoice has readjusted its subscription rates for DStv and GOtv users in Nigeria.

The company had vowed to challenge the order of the Competition and Consumer Protection Tribunal’s ruling in Abuja after reporting a decline in its subscriber base in Nigeria, leading to the loss of over a million subscribers.

MultiChoice has reflected the readjustment on its company’s apps as at Sunday, June 16, 2024.

Due to the adjustments, DStv subscribers will now pay N29,500 instead of N37,000 for the Premium package, while Compact+ package subscribers can now pay N19,800 instead of the new price of N25,000.

The readjustment now have Compact Bouquet subscribers paying N12,500 previously being charged instead of N15,700, while Confam package subscribers will pay the old price of N7,400 instead of N9,300 per month.

For the Yanga package subscribers, old rate of N4,200 will be paid against N5,100 placed as new rate; while Padi subscribers will pay the former price of N2,950 instead of the N3,600.

Continue Reading

Business

Record Financial Performance: Fidelity Bank Plc Promotes 11% of Workforce

Published

on

Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees.
This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.
The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.
In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer. This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.
Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment. By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.
Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United  Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Continue Reading