Just In: CBN Slashes Bank Charges, Removes ATM Maintenance Fees, Others

The Central Bank of Nigeria, CBN, has announced downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.

The apex bank made the development known in a circular released by its Director, Financial Policy and Regulation Department, Chibuzor Efobi, titled, “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANK FINANCIAL INSTITUTIONS”, stated that the review was in response to “further evolution in the financial industry in the last few years.’’

The CBN said the guideline applies to charges by Banks, Other Financial and Non-Financial under its licence or regulation.

The document revealed that the CBN has reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maninance Fees; Electronic Fund Transfers and Bulk Payments among others.

In the latest guideline, CBN said Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.For Interbank Transfers, the CBN reduced the charges to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (Including Bills Payment through other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

Electronic Funds Transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.Withdrawals on other banks’ ATMS have been reduced from N65 to N35 after the third withdrawal within the same month.

The CBN also reduced ATM Bill Payment from N100 to N50. Debit card maintenance charges that were N100/Month have been removed in the new guideline.