Mohammed Shosanya
The Central Bank of Nigeria (CBN) has directed that microfinance banks and primary mortgage banks that provide banking services to the economically active poor be exempted from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks.
The bank conveyed this in a circular with number PSM/DIR/PUB/CIR/001/049
titled, Exemption of Primary Mortgage Banks and Microfinance Banks from Cash Withdrawal Limits was signed by Musa I Jimoh, Director, Payments System Management Department.
He said the circular is to enable them to continue to play their expected roles in the economy and provide specialised retail banking services to their customers.
He added:”Please, note that 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.”