No cash withdrawal limit for microfinance banks, PMBs - CBN

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.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.