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Nigeria going cashless: small and medium companies in trouble





The Manufacturers Association of Nigeria (MAN) has expressed concerns over the planned implementation of the cashless policy introduced by the Central Bank of Nigeria (CBN).

The association stated that the new policy expected to kick off in 2020, will affect micro, small, and medium enterprises who are clearly the engine room for growth of the economy and employment generation.

The apex bank, in a circular, directed Deposit Money Banks (DMBs) to charge on deposits, in addition to already existing charges on withdrawals, 3 percent processing fees for individual accounts, withdrawals in excess of N500,000.00 and 5 percent for Corporate accounts withdrawal in excess of N3 million.

It also introduced processing fees for cash lodgments of 2 percent above N500,000.00 for individual accounts and 3 percent for lodgment above N3 million for Corporate accounts.
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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view









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