The Central Bank of Nigeria (CBN) has directed banks to reduce charges on electronic banking services with effect from January 1, 2020.
According to the new rates, banks will now charge N35 instead of N65 after third withdrawal in a month on another bank’s ATM. On card maintenance, there will be no charge for current accounts but N50 every three months for savings accounts.
Reviews made for electronic transfers where banks currently charge N52 for all transfers include: N10 for transfers less than N5000; N25 for transfers between N5000 and N50,000, and N50 for transfers above N50,000.
In a short statement issued on Sunday, the apex bank said the reviews were in a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service
It said the revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions was in response to the evolution in the financial industry over the last few years.
See details below: