Nigeria’s financial inclusion, tax collectors, supermarkets and retailers who deposit and withdraw large sum of cash are at risk as banks begin charges on deposits today.
The Central Bank of Nigeria (CBN) on Tuesday issued a circular which allows for banks charges on deposits effective today.
Consequently, customers are to pay huge fees for cash deposit or withdrawal above N500k individual or N3m corporate in Abia, Abuja, Anambra, Kano, Lagos, Ogun or Rivers State. The rest of the country will take effect from March 31, 2020.
In the circular to deposit money banks signed by Sam Okojere, director, payment system management department, the nationwide implementation of cashless policy will take effect from March 31, 2020.
Responding to this development, Taiwo Oyedele, head of tax PwC, said the policy will affect supermarkets and retailers with a lot of cash takings, and even tax collectors who collect taxes in cash.
He said in his tweeter account that without careful implementation with relevant exemptions, this policy will negatively affect financial inclusion and further complicates ease of doing business for small businesses.
