CBN suspends processing fees for large deposits 

December 12, 2023
5 min read
CBN building
The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

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The Egyptian Ministry of Foreign Affairs has simplified the online registration process to facilitate the repatriation of Egyptian nationals and their families living in Gaza.

This centralised platform for gathering crucial data from residents ready to return to Egypt will enable a faster and more successful repatriation process.

According to Ahmed Abu Zeid, the Ministry's Spokeswoman, as soon as the applications are accepted, the names of the applicants are swiftly provided to the proper authorities on both sides of the Rafah crossing, the border between Egypt and the Gaza Strip.

Here's what I've got for you today:

  • CBN suspends processing fees for large deposits
  • Chipper Cash lays off staff for the fourth time in 1 year
  • New Bolt riders to upload selfies and ID documents

CBN suspends processing fees for large deposits

CBN building
The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]

In Nigeria, businesses and individuals can now deposit large sums without paying processing fees.

Why? Yesterday, the Central Bank of Nigeria (CBN) directed all banks, financial institutions, and non-bank financial institutions to suspend the processing fees on deposits of over ₦500,000 for individual accounts and ₦3 million for corporate accounts. 

Previously, deposits over these thresholds saw processing charges of 2% for individuals and 3% for corporate organisations. 

However, the CBN has suspended these fees. The suspension will hold until April 30, 2024. 

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“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charge going forward,’ the memo, signed by the Acting Director of Supervision, Adetona Adedej, said. 

What does this mean for financial institutions in Nigeria? They will no longer be able to collect any revenue from these fees. So, small and large businesses and individuals will benefit from this action. 

This move will also guarantee that the apex bank's cashless policy is followed by encouraging the public to keep their money in financial institutions.    

Sidebar Alert: In June 2023, the CBN announced transaction caps for contactless payments. It released a circular defining daily transaction limits of ₦‎15,000 and cumulative caps of ₦‎50,000. 

 Chipper Cash lays off staff for the fourth time in 1 year 

Chipper Cash co-founders

Chipper Cash has laid off 15 employees, marking the fourth time the virtual card provider has reduced its workforce in one year.

While Chipper Cash said that no roles in Africa were affected, the company reportedly laid off across all departments in this fourth round.

A year after raising $250 million in Series C and extension rounds, Chipper Cash saw its first layoff in December 2022. This move came after its leading investor, FTX, shut down after it could not repay customer funds.

In May 2021, the cross-border payments startup raised $100 million in a Series C round, two years after closing a $30 million Series B. The company announced a $150 Series C extension round in November of the same year.

In the second round of layoffs, the fintech company, which secured $13.6 million in Series A in 2019, let go of more than a third — 140 employees — of its workforce. 15% of those let go were Nigerians, from IT to engineering and even leadership.

In June 2023, the third round of layoffs affected the company’s executives, including the company’s COO, Alicia Levine, and Kenya Country Director, Leon Kiptum.

On why only staff outside Africa were affected, it said, “we constantly look to ensure we have as much efficiency as possible within our global organisation.”

Reports also show that Chipper Cash cut the salaries of the remaining United States and United Kingdom staff.

However, the company maintains it’s doing well and will be profitable in a few months.

But do you think the company is doing well? How can a company lay off employees four times in one year and insist it’s doing well? What do you think, though? If you ask me, I believe time will tell.

New Bolt riders to upload selfies and ID documents


Following drivers' decision to halt operations due to safety concerns in July 2023, Bolt South Africa is testing a stringent verification process.  

New riders must take a clear selfie and upload a copy of their identification document to authenticate their identity before requesting a ride.

Riders are only required to take a selfie during the initial order validation process, which is expected to take a few minutes. To use this feature, users must have the latest app version.

Per Takura Malaba, Bolt’s Regional Manager of East and Southern Africa, this development is part of “ ongoing investment in new products, features, and a dedicated in-house specially trained safety team,” which will ensure the improvement of the safe ecosystem of the Bolt app.

Drivers in South Africa have reportedly formed self-defence groups in response to robbery attempts to survive. However, this matter of safety concern is not unique to South Africa.

In June 2023, a media personality in Kenya, Ciku Muiruri, reported that her daughter and her friend were kidnapped after booking a Bolt ride. The kidnappers were said to have demanded KSh 500,000 ($3,580) for both girls.

In October 2023, following the deaths of three drivers allegedly shot dead by gunmen in Port Harcourt two months ago, ride-hailing drivers in Nigeria advocated for the use of National Identification Numbers to verify passengers.

However, while the ride-hailing company is testing the feature in other countries, it is unclear when Bolt will launch this safety measure in South Africa or other African countries where it operates.

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Have a terrific Tuesday!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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