Unbanked Nigerians seen flocking to payment service banks

Payment service banks (PSBs) are expected to see increased patronage, especially in the rural areas where most of the unbanked population reside, when the new withdrawal limit policy of the Central Bank of Nigeria (CBN) comes into force.

The CBN had, in a letter to banks and other financial institutions last week, slashed the limits on cash withdrawals over the counter and via Automated Teller Machines, Point of Sale channels and cheques.

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