First Bank Nigeria has announced the reintroduction of processing fees on cash deposits above N500,000 starting from May, the bank said in a statement to its customers on Monday.
In the statement, First Bank said it would start charging two per cent as processing fees for bank deposits above N500,000 for individual accounts while three per cent will be charged for deposits above three million naira for corporate accounts.
“We write to inform you that, effective 1 May 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements,” the bank said in the statement.
“As a result, the following rates will apply: 2% processing fee on deposits above N500,000 for individual accounts and 3% processing fee on deposits above N3,000,000 for corporate accounts,” the statement added.
The latest reintroduction of processing fees is coming more than four months after the Central Bank of Nigeria (CBN) suspended such charges for cash deposits above N500,000 until April.