GTBank, one of the best online banking provider in Nigeria has taken the lead in the cashless policy from the Central Bank of Nigeria, allowing its customers to make mobile money transactions for free till 31st March, 2020.
“From now till the 31st of March 2020, when you want to give money to family, help out a friend in need, pay for items at any grocery store, or send money to anyone at all, you will not be charged on transfers of up to N5,000.”
In the email sent out to customers of the bank, all customers of the bank using the bank’s mobile channels including; GTBank Mobile App or GTWorld, the internet banking platform, or by simply dialling *737# on your phone will be eligible.
See Also: Central Bank Of Nigeria Stipulates New Fee Charge For Deposits And Withdrawals.
“This is our little way of encouraging you to go cashless on all your transactions, no matter how small; it is the safer and more convenient thing to do, especially at this time.”
Meanwhile, starting from April 1st, the CBN cashless policy will take effect immediately. According to the policy, a 3% processing fee will be charged for withdrawals above N500,000 for individual accounts, while 2% will be charged for deposits for individual account holders.
Additionally, Corporate Account holders will be charged 5% for withdrawals above N3,000,000 while 3% fee will be charged for deposits above N3,000,000 for corporate account holders.
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