During the course of this week, most citizens with their online banking (mobile apps) enabled were shocked as they saw the message displayed after logging in to their respective apps. Some were outraged, some displeased, some happy while some were indifferent as in their opinion, they never really need cash.
The message was a “warning” to it’s users as banks had been directed by the CBN to enforce the new policy from the 1st of March, 2025. A summary of the policy is;
- All cash withdrawals from card holder’s bank will attract no extra fees.
- Any cash withdrawal done from the ATM of a secondary bank (i.e. a bank you are not formally registered with) that is above ₦20,000 will attract a fine of ₦100 provided the ATM is “on-site” – this means that there is a bank situated at where the ATM terminal is.
- Any cash withdrawal done from the ATM of a secondary bank (i.e. a bank you are not formally registered with) that is above ₦20,000 will attract a fine of ₦500 – ₦600 provided the ATM is “off-site” – this means that there is no bank situated at where the ATM terminal is i.e. the ATM is a standalone.
In essence, each person is to withdraw only from their respective banks to avoid being charged excessively.
Temi, a 9 to 5 worker had this to say, “How do they expect us to get cash when most of the time, the ATMs at our banks are without cash or either out of service.” Another individual by name Stella had this to say, “I am a business owner and as such, I deal with cash a lot especially when going to the market to restock. I will have to go through the in-bank withdrawals now and I surely don’t have a good experience with them.”
Nelson, a car-hauling driver complained also about his experience in trying to acquire cash; “I decided to take some time off work to get some cash for daily expenses. Following the new policy, I had no choice but to go to my bank to do an over-the-counter withdrawal. On getting there, I was told that they were ‘short on cash at the moment and could only dispense N20,000’. Meanwhile, three other people ahead of me had also withdrawn ₦20,000. To say I was annoyed will be putting it lightly as I needed a cash of ₦40,000. I wasted my time, fuel and energy just for this”
While these were the experiences of some people, some others had a totally different thing to say. “I am so happy about this policy because now I will be getting more customers” said Max, a POS vendor. Alex also mentioned that “I am happy I have over three microfinance accounts and I can decide to sustain a fully cashless lifestyle”
This new policy is a blessing to some and a hex to others.
Have you gotten the new policy message yet? IF yes, let us know your take in the comments.
