• Monday, July 22, 2024
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No cash withdrawal limit for microfinance banks, PMBs – CBN

MPC expected to hold but no members, meeting calendar

The Central Bank of Nigeria (CBN) on Monday excluded Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) from its cash withdrawal limit policy.

This was disclosed in a circular to all banks and other financial institutions (OFIs), signed by Musa Jimoh, director, payment system management department, CBN.

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According to the circular, this will enable these institutions to continue to play their expected roles in the economy and provide specialised retail banking services to their customers.

The CBN had earlier updated its cash withdrawal policy, directing that effective January 9, 2023, individuals and corporate entities can withdraw a maximum of N500,000 and N5 million respectively.

Part of the circular reads, 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.”