The Central Bank of Nigeria has exempted Primary Mortgage Banks and Microfinance Banks that provide banking services to the poor from its cash withdrawal limit.
It gave this directive in a circular 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
CBN EXEMPT PMB,MFB FROM WITHDRAWAL LIMIT
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