By Aduragbemi Omiyale
Commercial banks operating in Nigeria have begun to notify their customers of the reintroduction of processing fees on cash deposits for individual and corporate accounts.
One of the lenders, First Bank, in a message on Monday, said the fees became effective again on Wednesday, May 1, 2024.
Recall that the Central Bank of Nigeria (CBN) suspended the imposition of the deposit charge by banks.
However, the banks have been directed to resume the collection of the fee in a bid to encourage the electronic transfer of funds.
According to the notice, customers with personal accounts will pay a 2 per cent processing fee for cash deposits above N500,000, and corporate account holders will cough out 3 per cent processing fee for deposits more than N3 million.
“We write to inform you that, effective May 1, 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements.
As a result, the following rates will apply: 2 per cent processing fee on deposits above N500,000 for individual accounts, and 3 per cent processing fee on deposits above N3,000,000 for corporate accounts,” the notice obtained by Business Post read.
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