Features

CBN Halt ATM Maintenance Fee, Slashes Bank Charges,Rates

The Central Bank of Nigeria (CBN) got Nigerians exhilarated with the downward review of bank charges and rates on transactions, which includes ATM Maintenance Fees, Electronic Fund Transfers and Bulk Payments, Standing Order Charges (In-Branch), among others.

This was disclosed in the CBN’s memo titled “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANK FINANCIAL INSTITUTIONS”,

It was signed by the Director of the Financial Policy and Regulation Department, Chibuzor Efobi on Friday evening.

The apex bank noted that, the guide applies to charges offered by Banks, other Financial and Non-bank Financial institutions which are under its license and regulatory scope.

CBN stated that, in lieu of the N300 charge fee in the 2017 guideline for intra-bank Standing Order Charge, the intra-bank Standing Order Charge will now be free.

While, the Inter-bank Transfers, has been reduced to the maximum charges of ₦50 per transaction; alternating the ₦300 charge of the 2017 guide.

In addition, Payment of Bills (Including Bills Payment via E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by the sender, a review from the ₦1,200 or 0.75% by a biller or merchant.

Also, Electronic Funds Transfer charges has been reviewed downwards to ₦10 for a transaction below ₦5,000; ₦26 for a transaction of ₦5,001 to ₦50,000 and ₦50 charge for transactions above ₦50,000.

Furthermore, the usual ₦65 monthly deduction from withdrawals on other banks’ ATMS have been reduced to N35 after the third withdrawal within the same month.

Additionally, the CBN 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.

In reference to CBN’s new guideline for banks, the monthly debit card maintenance charges of N100 per month have been stamped out. The apex bank, also reduced the charge fee for ATM Bill Payment from N100 to N50.

The Apex bank made this revelation public, through its report on Friday evening, in a bid to ensure that, Nigerians are well informed and updated on the recent guideline in the banking ecosystem.

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