‘CBN’s cash transaction policy’ll curb corruption’


By Matthew Denis

The immediate past Kwara state Chairman Institute of Chartered
Accountants of Nigeria (ICAN), Pastor Abel Aiyedogbon has described
the new Central Bank of Nigeria (CBN) policy on cash transaction as a
welcome idea.
Recall that CBN said Nigerians will now be charged more for cash
deposits and withdrawals in furtherance of its cashless policy.
According to the policy, a 3% processing fee will be charged for
withdrawals of amounts above N500,000 for individual accounts, while
2% will be charged for deposits.
For corporate accounts, a processing fee of 5% will be charged for
withdrawals, and 3% for deposits of amounts above N3 million.
Speaking during an interview with Pilot Business, Aiyedogdon stated
that the policy is will discourage cash transaction and to enhance
cashless policy in the country.
He said, ” You know the CBN has been implementing cashless policy and
what we had recently is upgrading of the policy if we are going into
cashless economy we must go cashless.
“The risk of carrying cash is high and CBN is saying if you want to
carry cash you have to pay therefore you can do your transaction
without carrying cash. You will pay your electricity bills,
subscription online.
“Many people are saying the market women may not be able to key in,
but they have been using and recharging their phones so they can as
well upgrade their levels, ” he added.
The expert stressed that the policy will not discourage banking
system, saying  it is one of the ways to fight corruption in the
He said, ” One of the ways to monitor movement of money is to makrle
limited cash available in the system. You can pay by cheque and
transfer so that there will be no money laundering. When the public
understand what the apex bank is doing you will appreciate the policy.
“The CBN has contemplated on the implication of the policy before
introducing it. The economy is technology driven now so I see no
reason why Nigerians will not key into this system. Don’t forget that
Point of Service (POS) is all over and already creating employment for
the public.”
He,  however, tasked  the CBN to partner microfinance banks and other
financial institutions to ensure that grassroots people have access to

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