Hard Times: BNR caps cash withdrawal to one million

By Elina Jonas Ruzindaza
On 23 March 2020 at 06:59

The National Bank of Rwanda [BNR] has encouraged Rwandans to make better use of digital currency in making transactions, ordering that no bank customer will henceforth be allowed to withdraw cash of more than one million francs a day.

A statement from BNR reassures customers of all financial institutions that there is no need to panic as banks, SACCOs and MFIs will continue to provide normal services but with a little change in working hours as they will open from 8:00 a.m to 3:00 p.m.

In a statement issued by BNR over the weekend, customers are advised to embrace the use of digital currencies since all banks and telecommunications companies have removed all-digital transaction costs to make it easier for the public to use the system," it said.

It also states that a person who will be paid by check will not be allowed to withdraw money from the cashier but will be credited to his or her account.

"While the check belongs to the Bank’s customer and he uses it to withdraw it from his account, the amount of cash on hand at the cashier cannot exceed one million per day," the statement reads in part.

BNR recently advised banks to revise loan agreements with customers, to make it easier for borrowers to pay in extended installments to enable mitigation of coronavirus effects.

The National Bank of Rwanda [BNR] has encouraged Rwandans to make better use of digital currency in making transactions

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