The Central Bank of Nigeria, CBN, has reviewed the charges of electronic transfers, Card Maintenance and ATM withdrawal fees.
In a statement by CBN, the move was in
a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial services.
The new charges which were contained in the Guide to Charges by Banks and Other Financial Institutions was released on Sunday by the CBN revealed that bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.
The CBN also reduced the charges on cash withdrawal via Other bank’s ATM after the third withdrawal in the same month from N65 to N35.
The CBN imposed a N2,000,000 fine on financial institutions that wrongfully impose charges on customers or that fail to comply to the directive given.
