CBN Cashless Policy Implementation Commences March 31, 2020

As part of the effort to drive the cashless policy and enhance the efficiency of the Nigerian payments system, the Central Bank of Nigeria has re-introduced charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates.

In statement released by United Bank For Africa (UBA) noted that this policy will commence with immediate effect and is in addition to the already existing charges on withdrawals said UBA.

The charges shown below will apply when you make cash withdrawals or deposits above N500,000 or N3,000,000 at any UBA branch in Lagos, Ogun, Kano, Abia, Anambra, Rivers States, and the FCT. A nationwide implementation will take effect from March 31, 2020.

The Bank disclosed that all transactions through our digital channels (Mobile Banking, Internet Banking, Leo, *919#) and our debit cards, will not be subject to these charges.

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