CBN Exempts PMBs, MFBs from Cash Withdrawal Limits 

James Emejo in Abuja

The Central Bank of Nigeria (CBN) has approved the exemption of Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs) from paying processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks.

The central bank said the move is in recognition of the banking services which these institutions provide to the economically active poor. 

The directive was conveyed in a circulater dated July 31,  2023 and signed by CBN Director,  Payments System Management Department,  Mr. Musa Jimoh,  and addressed to banks and Other Financial Institutions. 

The apex bank also added that the gesture was to enable the PMBs and MFBs continue to play their expected roles in the economy and provide specialised retail banking services to their customers.