By Seun Ibiyemi
Wema Bank has urged its customers to embrace digital banking on view of the Central Bank of Nigeria’s (CBN) new cash-related policies, set to take effect from January 1, 2026.
Emphasizing the need to leverage the bank’s digital channels for safer and more convenient transactions, the bank noted that under the updated regulations, there will no longer be a cumulative limit on cash deposits, and all fees on excess deposits have been removed.
In a statement, Wema Bank encouraged customers to take full advantage of digital banking solutions for faster, more secure, and efficient banking experiences.
According to the CBN policy, weekly cash withdrawal limits now apply as individuals can withdraw ₦500,000 per week, while corporate customers are capped at ₦5,000,000 per week. Withdrawals above these limits will attract fees of 3 per cent for individuals and 5 per cent for corporate accounts.
Wema Bank also highlighted that special cash withdrawal approvals will no longer be available.
ATM withdrawals are limited to ₦100,000 daily and ₦500,000 weekly, with all ATM and POS withdrawals counting toward the weekly limit.
Similarly, over-the-counter encashment of third-party cheques remains capped at ₦100,000, contributing to the weekly limit.
Customers seeking further clarification were advised to visit any Wema Bank branch or contact their Relationship Managers.