In line with the directives of the Central Bank of Nigeria (CBN), Guaranty Trust Bank (GTB) is set to commence Cashless Policy charges on cash withdrawal and deposit transactions in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States effective Tuesday, 1st of October, 2013.
According to the bank, “the cashless policy aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based solutions for payments for goods and services, transfers, etc.
“The Policy will drive the development and modernization of our payments system within the FCT and selected States as all individuals and Corporates will be encouraged to adopt electronic payment and other banking options”.
Hence, individual account holders, charges will apply when daily cumulative or single cash withdrawals and deposits are in excess of N500, 000.
For Corporate account holders, charges will apply when daily cumulative or single cash withdrawals and deposits are in excess of N3, 000,000.
“The above limits apply so far as it involves cash, irrespective of channel i.e over the counter, ATM, 3rd party cheques cashed over the counter etc.
“Exemptions have however been granted on deposits and withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs),” the bank stated.