The apex bank’s deputy governor, Banking Operations, Tunde Lemo, told reporters yesterday in Abuja
Mr Lemo, who was giving clarifications on its recent cash collection policy, said the CBN would discuss with the management of the UBA to determine the rationale behind the proposed policy, pointing out that it would not encourage any commercial bank to initiate policies that would undermine the effort aimed at bringing the un-banked and under-banked Nigerians into the banking system.
“This is not a Central Bank policy. We do not prescribe how banks conduct their business to a point that we begin to specify what the account balances of customers should be. We don’t micro-manage. We generally would not be happy to see banks actually conduct their banking to the exclusion of very small savers. We are going to find out what it is all about,” Mr. Lemo said.
“We do not know as yet why they are contemplating a minimum balance of N25,000. We don’t have the facts other than what we have read in the papers. We will find out from them and then, of course, we will follow up later. Perhaps, they (UBA) are looking at the fact that we have close to 1,000 microfinance institutions, and because one already has alternative channels for small savers. Maybe that is why they are doing that,” Mr Lemo stated.
On the planned cashless banking operations in the country, the deputy governor restated the commitment of the CBN to ensure that success is attained, adding that contrary to the erroneous impression about the policy, no cash withdrawal ceiling or limit has been set.
According to him, what the apex bank has done is the placement of 10 percent cost charge on cash withdrawals above N150,000 for individual customers and one million for corporate entities, pointing out that this is still subject to change since discussions on the charge have not yet been concluded. Not mention at it all but also not perfection.
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