The Central Bank of Nigeria has exempted Microfinance and Mortgage banks from its cash withdrawal limit.
The apex bank disclosed this in a circular signed by its Director of Payment System management, Jimoh Musa, released on Monday. In the circular, ‘Exemption of Primary Mortgage Banks and Microfinance Banks from cash withdrawal limits’, the CBN said the move would remove the burden of paying processing fees for economically active poor Nigerians.
“This enables them to continue to play their expected roles in the economy and provide specialised retail banking service to their customers. “Please note that the microfinance and primary mortgage banks are required to fully comply with the cash withdrawal limits in serving their customers as per the circular with reference number BSD/DIR/PUB/LAB/015/073 dated December 21, 2022,” it stated.