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Ndokwa Vanguard

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CBN exempts microfinance and primary mortgage banks from cash withdrawal limits

Aug 1, 2023 #National News

Microfinance banks (MFBs) and primary mortgage banks (PMBs) have been exempted by the Central Bank of Nigeria, from paying processing fees for withdrawals above the cash withdrawal limits.

This was conveyed in a circular signed by Musa Jimoh, Director of Payments System Management Department at the apex bank. It read; 

“The Central Bank of Nigeria hereby directs the exemption of microfinance banks and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks.

“This is to enable them continue to play their expected roles in the economy and provide specialised retail banking services to their customers.

“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.

“Please be guided accordingly.”

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