THE Central Bank of Nigeria, CBN, has a number of bank charges, including ATM withdrawal charges and inter-bank transfer.
The apex bank issued the downward review for electronic banking transactions charges in its revised guidelines to bank charges, other Financial Institutions, OFIs, and Non-Bank Financial Institutions.
The apex bank made this known via a circular released by the Director, Financial Policy and Regulation Department, Chibuzor Efobi.
In the release titled “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANK FINANCIAL INSTITUTIONS”, the CBN noted that the review was in response to “further evolution in the financial industry in the last few years” adding that the new guide, includes a review of other bank charges in order to comply with market changes.
Among others, the CBN stated that changes on ATM withdrawals which hitherto stood at N65 after the third withdrawal within the same month, is now N35 while it crashed inter bank transfers from N300 to maximum of N50 per transaction.
The CBN statement also indicated that new sections are now on accountability and responsibility, as well as a sanction regime to directly address instances of excessive unapproved, arbitrary, charges.
According to the statement, the new guide provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under the purview of the apex bank.
“The guide was first released in 2004 and revised in 2013 and 2017 due to market developments such as innovations in products and channels, as well as new industry participants,” CBN statement noted.
Below is the list of the new Central Bank of Nigeria, CBN.
A. 1. N10 for Transactions below ₦5,000 now ₦10
- N25 for Transfers between ₦5000 and ₦50,000
- N50 for transfers beyond ₦50,000
B. 1. No account card maintenance cost
- Rather than N50 monthly savings accounts cost, same cost will now be quarterly
- $10, instead of $20 for annual card maintenance cost for cards denominated in foreign currency, FCY
- Charge for a hardware token now based on cost recovery, and capped at ₦2,500 instead of previous maximum ₦3,500.
- SMS alerts fees now based on a cost-recovery model, with a maximum price of ₦4 in place previously.
- Payment of bills via e-channels will incur a maximum charge of ₦500, based on 0.75 percent of the transaction value up to ₦1,200