The Central Bank of Nigeria (CBN) directed the exemption of microfinance and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks.
The apex bank clarified that the directive is to enable them continue to play their expected roles in the economy and provide specialised retail banking services to their customers.
In a circular number: PSM/DIR/PUB/CIR/001/049 dated July 31, 2023, and signed by Musa 1. Jimoh, Director, Payments System Management Department of the CBN, and addressed to banks and other financial institutions, urged the affected financial services providers to fully comply with the earlier directive on cash withdrawal limits in serving their customers.
The CBN stated in the circular,”Please, note that the microfinance and primary mortgage banks are required to fully comply with the cash withdrawal limits in serving their customers as per the circular with reference number BSD/DIR/PUB/LAB/015/073 dated December 21, 2022″.
