Deposit money banks (DMBs) and processing companies in the financial industry have been given the go-ahead to establish deposit and withdrawal centres outside the banking hall across the country, IgbereTV reports
The deposit and withdrawal centres will operate as a neutral firm irrespective of the bank that established them, which means they will cater to non-account holders as well, according to a statement on Central Bank of Nigeria (CBN) website, dated March 14, 2022.
These centres will be known as Bank Neutral Cash Hubs (BNCH), and interested deposit money bank or processing company willing to set up theirs will have to pay N100,000 for application fee and N500,000 for non-refundable approval fee.
Dos and Don’ts of BNCH
Bank Neutral Cash Hubs, which would be located in areas with high commercial activities and cash transactions, are not allowed to transact investment and lending services.
Operators of BNCH are also not allowed to transact in foreign currency, which notifies deposit or withdrawal in foreign currency. They are also barred from sub-contracting the BNCH operation to another entity
