Confusion Trails Commencement of Cashless Policy in Lagos

Full commencement of cashless policy in Lagos State started yesterday with most Automated Teller Machines (ATMs) out of service while some customers could not withdraw money on third party basis.

The Central Bank of Nigeria (CBN) had last week announced various shifts in the commencement of its cashless policy nationwide.

While the starts-up date has been moved from June 1, 2012 to January 1, 2013, the pilot phase of the programme in Lagos State started yesterday (April 1, 2012).

The CBN also confirmed that it had raised the cash deposit limit for individuals from N150,000 to N500,000 while that for corporate organisations was raised from N1 million to N3 million.

Some of the banks visited yesterday confirmed the commencement of the policy.

At Keystone Bank Ojodu, a staff of the bank who spoke on condition of anonymity told Daily Trust that the bank has complied with the policy and customers who do not comply would pay the fine.

The apex regulatory agency had last week reviewed downward the processing fee for withdrawals above the limit for individual customers from 10 per cent to 3 per cent, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20 per cent to 5 per cent.

Also, the processing fee for lodgments above the limit for individual customers has been reviewed downwards from 10 per cent to 2 per cent, while the processing fee for lodgments above the limit for corporate bodies has also been reviewed downwards from 20 per cent to 3 per cent.

Most of those who expressed reservations about the policy hinged their fears on infrastructural challenges.

A GTBank Plc customer at Oba Akran, Ikeja who simply identified himself as Mr. John said he was yet to get his hardware token that will enable him pay into other bank accounts.

Access bank and Ecobank are also having difficulties with the internet transactions and can hardly pay other banks online. For now, it is perhaps GT Bank, First Bank and Diamond Bank that can comfortably pay into a third party bank account.

Findings also revealed that most banks’ ATMs which are major channel that would help drive the policy, are not dispensing cash.

In many of the bank branches visited in Lagos metropolis, some of the ATMs were either slow in dispensing cash or not dispensing at all.

At Fidelity Bank, Oba Akran, Ikeja, a middle aged woman who had come to collect N1.5 million sent to her could not get it out when she was told that a fine would be imposed for withdrawing such amount of money.

However, some of the banks had also intimated their customers of the commencement of the policy in Lagos State.

For instance, Fidelity Bank, Keystone and First City Monument Banks had yesterday morning sent SMS to their customers asking them to keep to the limit of both deposit and withdrawal.

Dailytrust