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Cash-less Policy Rolls out Nationwide

Cash-less Policy Rolls out Nationwide

In line with the recent directive of the Central Bank of Nigeria (CBN), please be informed that the Cash-less policy has been reviewed further.
Processing charges on cash deposits will be applied on transactions which are above the stipulated limits. These have been revised as follows:

 

TRANSACTION AMOUNT

APPLICABLE RATE ON DAILY DEPOSIT

APPLICABLE RATE ON DAILY WITHDRAWAL

  Individual    

Less than or equal to N500,000

No Charges

No Charges

Above N500,000 - N1m

1.50%

2%

Above N1m - N5m

2%

3%

Above N5m

3%

7.50%

 Corporate    

Less than or equal to N3m

No Charges

No Charges

Above N3m - 10m

2%

5%

Above N10m - N40m

3%

7.50%

Above N40m

5%

10%

 

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

 S/No

States

Go-Live Date

 1

Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT

1st April, 2017

 2

Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau

1st May, 2017

 3

Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa

1st August, 2017

 4

Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

1st October, 2017

 

Third party cheques above N150, 000 are still not eligible for cash payment over the counter.

Exemptions have however been granted the following entities:

  • Revenue generating accounts of the Federal, State and Local Governments, (lodgments only).
  • Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies in Nigeria, Ministries, Departments and Agencies of Government (revenue collection only).
  • Mobile Money operators (pool accounts only)
  • Microfinance Banks (MFBs), and Primary Mortgage Institutions (PMIs) accounts with deposit money banks.

As a bank, we remain committed to providing seamless banking services and therefore encourage you to take advantage of our bouquet of electronic products for your transactions.

  • *966#EazyBanking: Offers banking services on-the-go from your mobile phone. Simply dial *966# on your mobile phone and follow the prompt.
  • The Zenith Bank Mobile App: download from the App Stores or www.zenithbank.com/mobileapp
  • Online Banking
  • Cards

For more information on how to sign onto any of our electronic channels, please contact your Relationship Manager or call ZenithDirect on +234 1 278 7000, +234 1 292 7000, +234 1 464 7000 and/or 0700ZENITHBANK for any enquiries.

Thank you for choosing Zenith Bank.


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