CBN removes bank charges
The Central Bank of Nigeria (CBN) has reviewed banking charges and rates, such as ATM maintenance fees, EFTs, and bulk payments.
This was revealed in the new ‘Guide to Charges by Banks, Other Financial and Non-Financial Institutions’ published by the Central Bank of Nigeria.
The guideline, according to the apex bank, applies to charges made by banks, other financial institutions, and non-financial institutions in accordance with their license or regulation.
The CBN has reduced fees associated with certain transactions, including Standing Order Charges (In-Branch), ATM Maintenance Fees, Electronic Fund Transfers, and Bulk Payments, according to a document obtained by EJES GIST NEWS .
In its most recent guideline, the CBN stated that the Standing Order Charge for intra-bank transactions will be waived, down from N300 in 2017.
Read Also : List of CBN Bank Charges in Nigeria
Interbank Transfer fees have been reduced by the CBN to a maximum of N50 per transaction, down from N300 in 2017.
Payment of Bills (Including Payment of Bills via Other E-channels) is Negotiable up to N500 per beneficiary payable by the sender, with a review from N1,200 or 0.75 percent payable by a biller or merchant.
Electronic Funds Transfer charges have also been reduced to N10 for transactions under N5000, N26 for transactions between N5001 and N50,000, and N50 for transactions over N50,000.
Withdrawals from other banks’ ATMs were reduced from N65 to N35 after the third withdrawal within the same month.
In addition, the CBN reduced the fee for using an ATM to pay bills from N100 to N50. In the new guideline, monthly debit card maintenance fees of N100 have been eliminated.
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