In response to Nigerians’ complaints about exorbitant bank charges, the Central Bank of Nigeria has revealed the actual bank charges. In addition, CBN promised a reduction in electronic costs. one of the main points of contention between banks and customers Electronic transactions have made Nigerian banks a lot of money, with over N200.45 billion in e-business transactions.
On Thursday, January 27, 2022, the Central Bank of Nigeria (CBN) announced a fee decrease for electronic banking activities in its published guidelines to banks and other financial institutions. Which was signed by Chibuzor Efobi, the Director of the CBN’s Financial Policy and Regulation Department.
The Reviewed Bank Charges Guidelines
The guideline, which was first issued in 2004 and amended in 2013, 2017, and 2020, included a review of additional bank charges to fit with market developments.
Major Bank Charges
The following are some of the major electronic charges:
- The annual fee for cards denominated in foreign currency (FCY) has been reduced from $20 to $10. Following the third withdrawal within a month, ATM costs are reduced from N65 to N35.
- The fee for hardware tokens would be based on cost recovery, with a maximum charge of N2,500 as opposed to N3,500 previously.
- The cost recovery from the previous maximum price of N4 will be used to calculate the fee for SMS mandatory alerts.
- A maximum fee of N500 will be charged for bill payments made through e-channels, based on 0.75 percent of the transaction amount up to a maximum of N1,200.
- The current N50 fixed rate for electronic transfers will be replaced with a price range for electronic transfers.
- As a result, transactions under N5,000 will be charged a maximum of N10, transfers between N5001 and N50,000 will be charged N25, and transfers above N50,000 would be charged N50.
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