SUN, DEC 22 2019-theG&BJournal-The Central Bank of Nigeria (CBN) has issued a revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions in the country, ‘’in a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service, thereby slashes bank charges.’’
The CBN says the development is in response to the evolution in the financial industry over the last few years.
The new guide include downward review of charges for electronic banking transactions, review of other bank charges to align with market developments, and inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
According to the apex bank, “the revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.’’
According to the CBN, customers will now pay N10 for electronic transfers below N5,000, N25 for electronic transfer between N5,000 and N50,000, and N50 for electronic transfers above N50,000. Previously, bank customers paid N50 charge for electronic transfers below N500,000.
The CBN also slashed charges for cash withdrawal via other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.
The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgements to the customers’ account in other banks on current accounts only.
However, the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD).
For cards linked to savings account, maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.