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CBN exempts PMBs, MFBs from cash withdrawal limits

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The Central Bank of Nigeria has exempted Primary Mortgage Banks and Microfinance Banks that provide banking services to the poor from

It gave this directive in a circular tagged, ‘PSM/DIR/PUB/CIR/001/049’, released on Monday to banks and other financial institutions, which was signed by the Director, Payment System Management Department, Musa Jimoh. The circular was titled, ‘Exemption of Primary Mortgage Banks and Microfinance Banks from cash withdrawal limits’.

It stated that, “The Central Bank of Nigeria hereby directs the exemption of microfinance banks and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their corresponding banks.

 

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CBN exempts MFBs, PMBs from cash withdrawal limitsThe Central Bank of Nigeria has exempted Microfinance and Mortgage banks from its cash withdrawal limit. The apex bank disclosed this in a circular signed
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