The Central Bank of Nigeria (CBN) seems to have listened to the yearnings and complains of Nigerians by reducing outrageous charges levied on customers by banks in the country.
As a result ,it has issued a downward review of charges for electronic banking transactions in the country.
The review of the electronic charges is contained under the revised guidelines on charges issued by the apex bank to commercial banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions.
In the amended guidelines to the charges by the banks, the CBN reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maintenance Fees; Electronic Fund Transfers and Bulk Payments among others.
The apex bank explained that the review was in a bid to align with the market developments over the last few years.
In the new guide, withdrawals on other banks’ ATMs has been reduced from N65 to N35.
Transaction fee has been reduced to the minimum of N10 for funds transfer less than N5000, N26 will now be charged for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.
The CBN also reduced ATM Bill Payment from N100 to N50 while debit card maintenance charges has been totally removed in the new guideline.
The new guide also included sanction regime to directly address instances of excess, unapproved and/or arbitrary charges.
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