The Central Bank of Nigeria (CBN) has reviewed bank charges including ATM maintenance fee, electronic find transfer and bulk payments.
The new development was disclosed in CBN’s new ‘Guide to Charges by Banks Other Financial and Non-Financial Institutions.’
According to the apex bank, the guideline applies to charges made by Banks Other Financial and Non-Financial Institutions pursuant to their licence or regulation.
The CBN Act also stated in the document that it has reduced the fees associated with certain transactions, including Standing Order Charges (In-Branch); ATM Maintenance Fees; Electronic Fund Transfer and Bulk Payments.
The nation’s number 1 regulatory financial institution stated in the guideline that the Standing Order for intra-bank transactions will be waived down from N300 in the 2017 guideline.
The CBN reduced the charge for Interbank Transfers 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 subject to a maximum of N500 per beneficiary payable by the sender. This translates to a review from the N1,200 or N0.75% payable by a biller or a merchant.
Electronic Funds Transfer charges have also been reduced to N10 for transactions below N5,000; N26 for transactions between N5,001 and N50,000; N50 for transactions above N50,000.
After the 3rd withdrawal within the same month, withdrawals from other banks’ ATMs are reduced to N35 from N65.
The Central Bank also reduced the fee for ATM Bill Payment from N100 to N50. Monthly debit card maintenance fees of N100 have been eliminated in the new guideline.
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