CBN Reduces Bank Charges

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By Obinna Chima

The Central Bank of Nigeria (CBN) has reviewed downward most charges and fees for banking services as contained in the new Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions, with effect from January 1, 2020.

The banking sector regulator explained that the move was in furtherance of its quest to make financial services more accessible and affordable to various stakeholders in the economy.

The Director, Corporate Communications, CBN, Mr. Isaac Okorafor, explained that some of the major highlights of the new Guide to bank charges include removal of Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only, reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines (Remote-on-us), as well from N65 to N35, after the third withdrawal within one month.

Details later …