Yesterday December 6th 2022, the Central Bank of Nigeria in line with the Naira redesign policy introduced guidelines that will impact the way we receive payments, especially cash transactions.
What the Policy is
In detail the policy states that;
- The maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10% respectively
- Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsists
- The maximum cash withdrawal limit via Automated Teller Machine (ATM) shall be N 100,000 subject to a maximum of N20,000 cash withdrawal per day.
- Only denominations of N200 and below shall be loaded into the ATMs
- The maximum withdrawal via point of sale (PoS) terminals shall be N20,000 daily
- In compelling circumstances, not exceeding once a month, where cash withdrawals, above the prescribed limits is required for legitimate purposes such as cash withdrawals shall not exceed N5,000,000 and N10,000,000 of individuals and corporate organisations respectively and shall be subject to the referenced processing fees in 1 above. In addition to enhanced due diligence and further information requirements
How it affects you
- Customers without bank accounts may not be able to pay for your goods.
- There will be limited access to cash for customers, therefore alternative means of payments will be required (Bank transfer, POS etc.)
- There may be increase in fraudulent electronic transactions
- Encourage your regular customers to get a bank account, to enable them to pay either with a card or a transfer.
- Activate and make sure your Moniepoint business account is your primary mode of payment to enable you to receive payment on the Moniepoint POS
- Use features like the POS transfer feature to accept and confirm payments instantly to avoid fraudulent transactions.
Once again, thank you for choosing Moniepoint, we wish you a profitable business.
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