The Central Bank of Nigeria (CBN) released a revised version of the previous ‘Guide to Bank Charges’ on Sunday.
A few takeaways from it are the reduction of charges for cash withdrawals from other banks’ ATMs to N35 from N65, as well as a reduction in the maintenance fee for all cards linked to a savings account to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.
Other charge reductions include:
– N10 for interbank transfers less than N5,000
– N25 for interbank transfers between N5,001 and N50,000
– N50 for interbank transfers above N50,000
These new regulations and guidelines are expected to take effect from January 1, 2020.
This further iterates CBN’s quest to make financial services more accessible and affordable thereby enhancing flexibility, transparency and competition in the Nigerian banking industry.
The new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments and inclusion of new sections on accountability and sanctions for defaulting banks.
According to the policy, the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back will attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal.
Furthermore, there will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.
Read more on CBN’s new policies and revised guidelines here.
Why did CBN slash bank charges? Find out here.
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