Commercial banks in Nigeria have begun notifying their customers about the reintroduction of processing fees on cash deposits for both individual and corporate accounts.
First Bank, one of the lenders, conveyed this information to its customers through a message on Monday, stating that the fees would be effective from Wednesday, May 1, 2024.
The Central Bank of Nigeria (CBN) had previously suspended the imposition of deposit charges by banks. However, the directive to resume collecting the fee aims to incentivize electronic fund transfers.
According to the notice, customers with personal accounts will incur a 2 percent processing fee for cash deposits exceeding N500,000, while corporate account holders will face a 3 percent processing fee for deposits exceeding N3 million.
The adjustment in processing fees aligns with regulatory requirements and is aimed at promoting electronic transactions over cash deposits.
This move underscores the ongoing efforts to enhance digital payment systems and reduce the reliance on physical cash transactions in Nigeria’s banking sector.
