CBN Excludes Microfinance and Primary Mortgage Banks from Cash Withdrawal Limit Policy

The Central Bank of Nigeria (CBN) has taken a significant step in supporting Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) in the country.InformationGuideNigeria

As reported by allmedia24.com, the CBN has excluded Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) from its cash withdrawal limit policy.JAMB Portal

This was disclosed in a circular to all banks and other financial institutions (OFIs), signed by Musa Jimoh, director of the payment system management department at CBN, aims to empower these institutions to continue playing their crucial roles in the economy and providing specialized retail banking services to their customers.NYSC Portal

As reported by allmedia24.com, in its circular, the CBN stated, “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.”

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The exclusion of MfBs and PMBs from the cash withdrawal limit policy aligns with the CBN’s broader vision of fostering a robust financial ecosystem in Nigeria.

According allmedia24.com, it will allow MfBs and PMBs to cater to the needs of their customers without constraints, enabling them to facilitate greater financial inclusion and economic growth.JAMB Result

In conclusion, the Central Bank of Nigeria’s decision to exclude Microfinance Banks and Primary Mortgage Banks from the cash withdrawal limit policy highlights the significance of these institutions in driving financial inclusion and specialized banking services. By recognizing their unique functions and exempting them from the withdrawal limit, the CBN supports their efforts to create a more robust and inclusive financial landscape for all Nigerians.

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