Small merchants who have personal retail accounts will not have to maintain any minimum deposit and face any account maintenance fee, according to a central bank notice.
In November 2020, the central bank allowed micro and underprivileged businesses to open personal retail accounts with a view to bringing millions of small traders under the digital payment ecosystem.
This enables micro and underprivileged businesses that have accounts with banks, mobile financial service and payment service providers to open personal retail accounts without a trade licence.
Yesterday, the central bank said the personal retail accounts of the labour-intensive micro/floating enterprises, service providers engaged in various marginalised segments, and the individuals who sell products and services online would be considered special privileged accounts.
So, they would be exempted from retaining the minimum deposits until further notice, said the BB in a notice.
Similarly, no account maintenance fee can be charged against such accounts, it said.