Nigeria: Bank fined N245 Million for Violating Cashless Scheme

Money Transfer

Central Bank of Nigeria (CBN) has revealed that a prominent deposit taking bank in the country was fined a huge sum of N245 million in 2013 for violating the cashless scheme directive. 

Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun  who disclosed this recently  did not mention the name of the bank, or the section of the cashless regulation it breached. He however disclosed that  the bank paid the fines and apologized to the regulatory bank for the infraction.

“It is imperative to note that it is our collective responsibility to ensure the success of the cash-less initiative due to its enormous benefits to the various stakeholders. It has, therefore, become necessary to reiterate the need for strict compliance with all the components of the circular on the Industry Policy on Retail Cash Collections and Lodgements,” it said.

The CBN had stipulated a handling charge on daily cash withdrawals or deposits that exceeded N500,000 for individuals and N3m for corporate bodies under the cash-less initiative.