What’s Cash-Less Nigeria?
Forget the rumours, get the facts!
No Cash Or Less Cash or Cash-lite?
A lot of people seem to be confused about the Cash-Less Lagos policy. The Central Bank of Nigeria is not trying to eliminate cash use - it’s trying to reduce the high usage of cash (i.e. notes).The CBN through this policy is just trying to encourage people to use electronic transactions more.
Can I withdraw more than N500,000?
YES! You still have no limits on the amount of cash you can withdraw from the bank.However, if you wish to withdraw more than N500,000 per day (individual) or N3 million (corporate), you will be charged a processing fee.
What are the processing fees/charges?
Below are the processing fees/charges for both individual and corporate accounts.- Processing fee charge for individuals on withdrawals is 3%
- Processing fee for corporate withdrawal is 5%
- Processing fee for individuals on lodgment is 2%
- Processing fee for corporate on lodgment is 3%.
Why?
There are many reasons why it is better to reduce the volume of cash based transactions in the economy.- There is more safety in transferring money electronically.
- You are less likely to get robbed than when you carry large amounts of cash around.
- Electronic transfers are more convenient and easier to track since there is a record of the transactions.
Cash-Less Pays You!
How Cash-Less benefits you and all of us
Benefits for You
Safe Transactions
Cash-Less is safer. Avoid robberies, loss in fires or outright loss by carrying less cash.
More Convenient
Move your money and easily pay for goods and services electronically with your ATM card or through your mobile phone.
Easier to Track
There’s a record of everything so you can track your money better & more accurately.Benefits for Our Country
Cheaper Banking
Cash-less banking would reduce the cost of banking by dropping cash handling costs.
Less Corruption
Cashless transactions encourage transparency which will in turn discourage corruption.
Banking Everyone
By reducing the cash in the system, we’ll be able to provide banking services to more people.
Alternatives to Cash
How to live without Cash in Nigeria.
Internet Banking
Transfer money from bank to bank using internet banking. Safe, conveninent and instant!
Debit & Credit Cards
Pay at shops or online with your card. Or if you really need cash, withdraw from an ATM
Mobile Banking
Keep your money on your phone. Send and receive money with only a phone number.FOR MORE INFORMATION.
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