Cash and gadgets allegedly seized from the arrested Naira vendors
Pat Stevens/
The United Bank for Africa (UBA) today announced the commencement of the implementation of Central Bank of Nigeria’s re-introduced cashless policy which imposed charges on deposits and withdrawals in excess of N500, 000 for individuals and N3 million for corporate customers
The bank announced this in a message it sent to its customers via various social media platforms.
The message reads: “Dear Customer.
“As part of the effort to drive the cashless policy and enhance the efficiency of the Nigerian payments system, the Central Bank of Nigeria has re-introduced charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates. This policy will commence with immediate effect and is in addition to the already existing charges on withdrawals.
“The charges shown below will apply when you make cash withdrawals or deposits above N500,000 or N3,000,000 at any UBA branch in Lagos, Ogun, Kano, Abia, Anambra, Rivers States, and the FCT. A nationwide implementation will take effect from March 31, 2020.
“Please note that transactions through our digital channels (Mobile Banking, Internet Banking, Leo, *919#) and our debit cards, will not be subject to these charges.
“Thank you for your continued patronage.”
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