Contrary to public opinion, The Central Bank of Nigeria (CBN) says that its new policy limiting cash withdrawals is not targeted at point-of-sales (PoS) agents in particular.
The CBN’s Director of Banking Supervision, Mustafa Haruna, while speaking during a televised interview on Saturday said rather the policy is intended at contributing to economic growth and development.
Haruna while citing the Circular that announced the policy explained that POS agents and other businesses that require an amount above the set limit, not exceedingly once a month shall be subject to processing fees of 10 percent in addition to enhanced due diligence and further information requirements.”
He added that applicants are also required to upload the following on the CBN’s portal: Valid means of identification of the payee (National ID, International Passport, Driver’s License); Bank Verification Number (BVN) of the payee; and notarised customer declaration of the purpose for the cash withdrawal; senior management approval for the withdrawal by the Managing Director of the drawee, where applicable; and approval in writing by the MD/CEO of the bank authorizing the withdrawal.
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