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CBN Cuts Bank Charges, Removes ATM Maintenance Fee, Others Charges

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The Central Bank of Nigeria (CBN) has reviewed banking charges and rates including ATM Maintenance Fees; Electronic Fund Transfers and Bulk Payments.

This was disclosed in the Central Bank of Nigeria’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 license or regulation.

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According to the document obtained by www.tracknews.ng, the CBN has reduced the fees associated with certain transactions, including Standing Order Charges (In-Branch); ATM Maintenance Fees; Electronic Fund Transfers; and Bulk Payments.

The CBN stated in the latest guideline that the Standing Order Charge 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.

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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, a review from the N1,200 or 0.75 percent payable by a biller or merchant.

www.tracknews.ng reports that the Electronic Funds Transfer charges have also been reduced to N10 for transactions below N5000; N26 for transactions between N5001 and N50,000; and N50 for transactions above N50,000.

After the third withdrawal within the same month, withdrawals from other banks’ ATMs were reduced from N65 to N35.

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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.

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