Banks Limit Multiple Accounts Holders To ₦20,000 Withdrawal
In a bid to curb fraudulent activities and promote financial inclusion, banks in Nigeria have introduced a new policy that limits multiple accounts holders to a maximum daily withdrawal limit of ₦20,000.
The new policy, which was introduced by the Central Bank of Nigeria (CBN), is aimed at reducing the risk of fraud and money laundering in the banking system. According to the CBN, the policy is also designed to promote financial inclusion by encouraging banks to focus on serving the financial needs of legitimate customers.
Under the new policy, customers who have multiple accounts with a bank will be limited to a maximum daily withdrawal limit of ₦20,000. This means that customers with multiple accounts will not be able to withdraw more than ₦20,000 in cash from any of their accounts in a single day.
The policy has been welcomed by many stakeholders in the banking industry, who believe that it will help to reduce the risk of fraud and promote financial inclusion. However, some customers have expressed concerns about the impact of the policy on their financial transactions.
In a statement, the CBN explained that the policy is designed to promote financial inclusion and reduce the risk of fraud in the banking system. The statement read: "The Central Bank of Nigeria has introduced a new policy that limits multiple accounts holders to a maximum daily withdrawal limit of ₦20,000. This policy is designed to promote financial inclusion and reduce the risk of fraud in the banking system."
The statement added: "The policy is also aimed at encouraging banks to focus on serving the financial needs of legitimate customers. We believe that this policy will help to promote financial inclusion and reduce the risk of fraud in the banking system."
In conclusion, the new policy introduced by the CBN is a welcome development that is aimed at promoting financial inclusion and reducing the risk of fraud in the banking system. While some customers may be concerned about the impact of the policy on their financial transactions, we believe that the benefits of the policy far outweigh the costs.
The policy is a clear indication of the CBN's commitment to promoting financial inclusion and reducing the risk of fraud in the banking system. We commend the CBN for introducing this policy and we believe that it will have a positive impact on the banking industry in Nigeria.
As the banking industry continues to evolve, it is essential that regulators and stakeholders work together to promote financial inclusion and reduce the risk of fraud. The new policy introduced by the CBN is a step in the right direction and we believe that it will have a positive impact on the banking industry in Nigeria.
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