Cashlite Policy

What constitutes cumulative limits?

Cash withdrawals across the counter and through ATMs

By |August 29th, 2015|0 Comments

What alternative channels can customers now use to make payments?

– ATMs
– Point of Sale (POS) Terminals
– Internet banking
– Cheques
– Electronic transfers eg RTGS, NEFT, NIBSS Instant payment, direct debit instructions
– Online Collections via Fidelity paygate/E-Pay and Paydirect
– Mobile Payments (Mobile Money)

By |August 29th, 2015|0 Comments

Does the limit apply to FX transactions?

No. the policy applies to Naira transactions only

By |August 29th, 2015|0 Comments

How will the charges be applied?

The system automatically takes the cash lite charge from the account as soon as the transactions are posted.

By |August 29th, 2015|0 Comments

Where a customer has reached his cumulative withdrawal limit for the day, should subsequent withdrawal requests be rejected?

No. all withdrawals will be treated while the applicable charges will be taken on same.

By |August 29th, 2015|0 Comments

How will the market women cope with their transactions since they are mostly cash driven?

– The essence of the policy is actually to reduce cash transaction and move it to other channels. POS terminals will be deployed to their shops and their customers will make their payments using cards.

By |August 29th, 2015|0 Comments

Are there exemptions to this policy?

– Yes. Micro finance Banks, Primary Mortgage Institutions on their accounts with commercial banks.
– Ministries, Departments and Agencies (MDAs) of Federal and State Governments on lodgements into their Collection Accounts ONLY
– Accounts of Embassies, Diplomatic Missions, Multilateral and Aid Donor Agencies.

By |August 29th, 2015|0 Comments
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