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CBN provides Concessions on Cashless Lagos, Increases Transaction Limits and Cuts Charges

By on March 16, 2012

The Central Bank of Nigeria (CBN) appears to be partially retracing its steps on the controversial Cashless Nigeria project which is slated to kick off in Lagos in two weeks.

The CBN has divulged that the transaction limit for individuals which was pegged at N 150,000 will be increased to N 500,000. Also the CBN has stated that it will reduce the 10% cost for transactions that exceed that limit.
The transaction limit for companies still remains at N 1 million.

Lemo said, “We are going ahead with the March 30 deadline for deposit and withdrawal limits as earlier planned. However, the associated costs will be reduced, while the transaction limit for individuals will be increased to around N500,000.

“We have not said people will not be able to withdraw above these limits, what we have said is that there will be an associated cost that goes with these transactions. We have never used the word penalty.”

Speaking on the Point of Sales terminal network which the banks have begun to deploy.

He said, ““We have an agreement with Glo and MTN to ensure 99 per cent uptime since both channels will serve as backup to each other. Also, negotiations by the CBN with manufacturers of PoS terminals have ensured that banks got the best rates and support services for their PoS machines. The charge for using the PoS, which is 1.25 per cent, is not to be borne by the customers.”