The Central Bank of Nigeria (CBN) has reduced charges applicable to bank accounts, electronic transfers, and Automated Teller Machines (ATM) by banks, other financial and non-bank financial institutions in the country.
This is contained in its revised Guide to Charges by Banks, other financial and non-bank financial institutions released during the week.
CBN reduces charges applicable to bank accounts, electronic transfers, and Automated Teller Machines (ATM).
Electronic transfers below N5,000 will attract a maximum charge of N10; transfer from N5001 – N50,000 – N25; and transfers above N50,000- N50.
CBN says the new charges will further allow bank customers to embrace electronic banking channels and improving financial inclusion.
The revised charges will replace the one issued in May 2017 and takes effect from January 1, 2020.
According to CBN, the revised Guide to Charges is put in place to “build an inclusive banking system that adequately caters for the needs of the banking public whilst preserving the financial sustainability of banks, other financial and non-bank financial institutions.”
“The Guide will incentivize stakeholders, especially those making micropayments, to further embrace electronic banking channels, thus improving financial inclusion. It will also reduce the cost of banking services to customers to deepen access without much impact on the bottom line of regulated institutions under the purview of the Bank.”
A fee scale for electronic transfers to replace the current flat fee of N50. Accordingly transfers below N5,000 will attract a maximum charge of N10; transfer from N5001 – N50,000 -N25; and transfers above N50,000- N50
Card maintenance fee on current account has been removed as the accounts already attract account maintenance fee. Savings accounts will now attract a card maintenance fee of N50 per quarter from N50 per month.
Annual Card maintenance fee on foreign currency (FCY) denominated cards is reduced to $10 from $20.
ATM charges are reduced to N35 after third withdrawal within a month from N65
The charge for hardware token will on cost recovery basis subject to a maximum of N2,500 from previous maximum charge of N3,500
Fee for SMS mandatory alert will be on cost recovery from previous maximum charge of N4.
Bill payment via e-channels will attract a maximum charge of N500 from 0.75% of the transaction value subject to a maximum of N1,200.
CBN said a new section on Accountabilities/Responsibilities and Sanctions regime will address instances of excess, unapproved and/or arbitrary charges.