FOLLOWING the re-introduction of cashless policy and effective take off of charges on deposit and withdrawals above limit, Access Bank Nigeria Plc, in collaboration with the Central Bank of Nigeria (CBN), have engaged bank customers on the importance of using alternative banking channels.
The new charges arising from cashless cashless policy commenced on April 1, 2017 the following states: Lagos, Ogun, Kano, Abia, Anambra, River and Abuja. The new charges also affect deposits and withdrawals above N40 million, which would henceforth attract five per cent and 10 per cent charge respectively for corporate organisations.
The implementation will take effect in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau on May 1, 2017; Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa on August 1.
During a cashless policy engagement session held at the Bank’s corporate headquarters Tuesday, Executive Director, Commercial Banking Division, Access Bank, Mr. Roosevelt Ogbonna commended CBN for driving such a policy that has reduced cost of banking and general business, adding that the policy has come to stay because of the changing world of technology.
According to him, in line with the payment system vision 20:2020, Access Bank offers customers a range of electronic channels that enables them discover most convenient ways to manage their day-to-day finances tailored to meet every personal and business need.
CBN Officials, Aaron A. Yaduma and Babatunde Ajiboye while commending Access Bank for helping in enlightening stakeholders on the cashless policy told participants that the objective of the policy was to reduce the amount of physical cash (coins and notes) circulating in the economy and not to totally eliminate them.
According to the CBN officials, the policy is also aimed at ;encouraging more electronic-based transaction and meet the vision 20:2020 requirement; modernizing Nigeria’s payment system; reducing the cost of credit and driving financial inclusion.
Also speaking ,Mr. Nixon Iwedi, Group head, Cement Food and Beverages Access Bank said Access Bank has developed several product channels that addresses specific needs of customers.
For example he noted, by simply dialing *901#, a customers can buy airtime,check balance, transfer funds, pay bills among others through the mobile phone. Others are: Access Online Banking, PayWithCapture, Access PRIMUS, ‘Access one Business Platform’, Persona Card, Point of Sale Service (POS), Automated Teller Machine (ATM) and many others.
Describing the features of one of the products, Iwedi said: “Our clients have unrestricted access to the Bank at any time during branch hours. PRIMUS is a fully integrated, secure web-based electronic platform designed to provide our corporate clients with a one-point access to a comprehensive suite of banking solutions via an intuitive user interface.
It should be recalled that the Apex bank, last month announced that the cashless policy which was suspended in 2015 would go live across the country this year.
According to the policy, cash deposits or withdrawals of N500, 000 and above will be charged between 1.5 per cent and 7.5 per cent charges. Details of the charges showed that individual customers deposits and withdrawals of amounts below N500, 000 would attract no charges, while corporate customers would equally not pay any charge for deposits or withdrawals below N3 million.
However, individual deposits of between N500, 000 and N1 million would attract 1.5 per cent charge, against two per cent for withdrawals. Also, individual deposits of between N1 million and N5 million would attract a charge of two per cent, against three per cent for the deposit of a similar amount, while depositors above N5 million would pay three per cent as against 7.5 per cent for the withdrawal of equivalent amount.
Equally, all corporate deposits between N3 million and N10 million would attract a two per cent charge, against five per cent charge for withdrawals, while deposits of amounts between N10 million and N40 million would attract three per cent surcharge and 7.5 per cent for withdrawal.
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