Central bank’s new policy on bank charges takes effect today January 2nd, 2020 in Nigeria. The Am News reports that the Central Bank of Nigeria (CBN) had directed banks to review fees usually charged after the third withdrawal from Automated Teller Machines (ATM) within the same month.
In the new directive contained in the new Guide to Bank Charges, the CBN stated that the withdrawal fee charged for the use of other banks’ ATM has been reduced from N65 to N35.
Card maintenance fee has been reviewed to N50 every three months (quarterly), from the initial monthly period. The guide released by the CBN contains major changes in electronic transactions’ charges in Nigeria.
A graduated fee scale for electronic transfers to replace the current flat fee of N50 will begin, as transfers below N10,000 will attract a maximum charge of N10; and transfers above N50,000, N50.
The Card maintenance fee on the current account has been removed as the accounts already attract maintenance fees.
Savings accounts will now attract a card maintenance fee of N50 per quarter (three months) from N50 per month. Yearly card maintenance fee on foreign currency denominated cards is reduced to $10 from $20.
The charge for hardware token will be on a cost-recovery basis subject to a maximum of N2,500 from the previous maximum charge of N3,500, while the fee for SMS mandatory alert will be on cost recovery from the previous maximum charge of N4.
Most Bill payments via e-channels will also attract a maximum charge of N500 from 0.75 percent of the transaction value subject to a maximum of N1,200.
The AM News understands that Fidelity, Union Bank, GTBank, Wema, and others have already complied with the directives as they have sent SMS messages to their depositors in readiness for January 1, 2020, the commencement of the new charges, which cut nearly all applicable fees by the lenders significantly.