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Wednesday, May 22, 2024

Banks reintroduce processing fees on cash deposits

Banks and other financial institutions across Nigeria have reinstated processing fees on large cash deposits following the expiration of the Central Bank of Nigeria’s (CBN) temporary suspension.

The suspension, which affected deposits exceeding N500,000 for individuals and N5 million for corporate entities, ended on April 30, 2024.

During the suspension period, customers enjoyed a waiver of the usual processing fees of 2% for individuals and 3% for corporates on large deposits.

This initiative was part of a broader regulatory measure aimed at encouraging bank deposits and managing liquidity within the financial system.

In an email to customers, a money deposit bank had written, “We write to inform you that, effective 1 May 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements.

“As a result, the following rates will apply:

“2% processing fee on deposits above N500,000 for individual accounts.

“3% processing fee on deposits above N3,000,000 for corporate accounts.”

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Bridget Benson
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