Banks proposed to limit over the counter withdrawals to N10, 000.

 

The DMBs, under the aegis of the Bankers Committee, have already approached the Central Bank of Nigeria, CBN, to propose the limit.

Sources said the measure being contemplated would drastically reduce the number of customers that would need to physically visit banking halls for transactions.

The DMBs, sources said, wanted to achieve two objectives via this strategy, if approved by the CBN. The objectives include greater use of electronic banking and smaller workforce – as a means of cutting cost of operations.

Already, some banks had laid off many workers, citing operational losses, especially as the Federal Government Treasury Single Account Policy, TSA, has deprived them of federal government deposits.

It took the intervention of the Federal Government, which even had to threaten banks with severe sanctions, including the withdrawal of their licenses, to pull back on the gale of mass sack.

It was learned,weekend, that the DMBs, under the aegis of the Bankers Committee, have already approached the Central Bank of Nigeria, CBN, to propose the limit. Sources said the measure being contemplated would drastically reduce the number of customers that would need to physically visit banking halls for transactions. The DMBs, sources said, wanted to achieve two objectives via this strategy, if approved by the CBN. The objectives include greater use of electronic banking and smaller workforce – as a means of cutting cost of operations. Already, some banks had laid off many workers, citing operational losses, especially as the Federal Government Treasury Single Account Policy, TSA, has deprived them of federal government deposits. It took the intervention of the Federal Government, which even had to threaten banks with severe sanctions, including the withdrawal of their licences, to pull back on the gale of mass sack.

Read more at: http://www.vanguardngr.com/2016/06/banks-move-limit-counter-withdrawals-n10000/