James Emejo
always been on deposits and withdrawals. And this started since 2012. Withdrawal charges have been in place, only deposit charges are new today.
“At inception when it was contemplated, if you deposit money in the bank above a particular threshold in which case, for individuals N500, 000, for corporates, N3,000,000- you are charged.
“For withdrawals, if you also withdraw above a particular threshold you are charged, since inception in 2012. But it got to 2014, after some engagements from different stakeholders, we agreed that it was too early to begin to charge people who want to deposit money in the banking system because we agreed at that time that there was a lot of cash outside the banking industry and that there’s no need to penalise people who would like to bring their cash from outside the banking industry into the banking industry- that we should relax the essence of charging people for depositing money in the bank but retain those who want to withdraw cash from the bank.
“We expect that over five years from 2014 to 2019- all the cash that would have been kept in people’s pillows, mattresses, by five years, we should have been able to bring them back into the banking industry.
And that’s why we are saying at this time that we would like to return back to that.”
He said:”So what we are saying today is not new. But by March 2020, now we are only returning back to the sixth state where currently withdrawal charges are holding
There are six states, it’s not all over the country. But the entire cashless proceeds will have to permeate the entire Nigeria by March, 2020.”
He said:”So, this policy is no way designed to disenfranchise hardworking Nigerian businesses as some of the media analysts have been saying- many of whom have indeed embraced electronic payment channels and online digital marketplaces.”
Emefiele said:”Since the policy was first launched, currency management cost have continued to increase year-on-year at an average annual growth rate of 33 per cent. Notwithstanding, electronic transactions have increased within the economy. We have provided alternative channels and people have embraced it.”