A week after the revelation by the Central Bank of Nigeria that some banks were circumventing the cash-less policy, our correspondent has gathered that senior officials of banks are indeed aiding big-time customers to evade charges on deposits and withdrawals above the minimum limits so that the customers will retain their accounts in their institutions.

Investigation by our correspondent showed that some banks were using the unrealistic targets given their employees to get more accounts and keep their customers.

The CBN had said last week that some deposit money banks were circumventing the cash-less policy introduced to reduce the heavily cash-oriented system of transaction in the economy.

It said in a circular posted on its website that some banks in Lagos were still approving transactions above the stipulated limits.

Reliable sources in the industry told our correspondent on Tuesday that the waiver was basically being granted to some corporate bodies.

An official, who works in the branch services department of one of the banks, said, “Most times, we get instructions from branch managers and even regional managers not to charge some particular customers when they come to make transactions above the specified limits.

“Some customers complain that other banks don’t charge them for depositing or withdrawing cash above the limits; so, the banks do this to keep the customers. It is now a usual thing for some customers to quickly call their account officers whenever you try to charge them.”

Another bank official told our correspondent that the decision to waive the charges was simply a way of making the customers happy.

“To the best of my knowledge, the banks only do this to keep the customers. It is not that they are getting bribes from the customers. I have seen a situation where an account officer paid the charges on behalf of his customer, although it was not a huge amount,” the female banker 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.

The charges for cash withdrawal above the limits are three per cent and five per cent for individuals and corporate bodies respectively, while charges for deposits above the limit are two per cent and three per cent for individuals and corporate bodies respectively.

The CBN had said in a circular last week, “It has come to our notice that some Deposit Money Banks aid and abet their customers to circumvent the policy. In particular, some DMBs still perform cash services for supermarkets and petrol stations, while some allow their customers to withdraw/deposit cash above the free limits without charging the processing fee.”

The circular which was signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, stated that thenceforth, appropriate penalties would be applied to erring institutions found guilty.

“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.

Source: Punch/Ademola Alawiye