Stella Dimoko Korkus.com: CBN Slashes Bank Charges

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Saturday, January 29, 2022

CBN Slashes Bank Charges

On Friday January 28,2022, the Central Bank of Nigeria (CBN) announced a downward review of charges and rates on transactions across the banking ecosystem.









This was contained in the CBN new ‘Guide to Charges by Banks Other Financial and Non-Financial’, which applies to financial and non-financial institutions under its licence or regulatory purview.

The guide shows that the banking sector regulator has slashed the charges on some transactions including Standing Order Charge (In-Branch); ATM Maintenance fees; electronic fund transfers and bulk payments among others.

CBN notes that the Standing Order charge for intra-bank will be free instead of the N300 contained in the 2017 guideline.

With regards to interbank transfers, the CBN reduced the charges to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills payment (including bills payment through other e-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

Electronic funds transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMs have been reduced from N65 to N35 after the third withdrawal within the same month.

The CBN also reduced ATM bill payment from N100 to N50. Debit card maintenance charges that were N100/month have been removed in the new guideline.

According to the apex bank, the decision, which came amid public outcry against multiplicity and value of the charges, was aimed at making financial services more accessible and affordable to various stakeholders in the economy.

from the sunnewsonline

28 comments:

  1. Great newsπŸ‘πŸ‘πŸ‘πŸ‘

    ReplyDelete
  2. The one that I want to know is the ATM card maintenance fees. Please those on the know, how does the bank maintain our cards for us that we are being charged monthly after charging us on each text messages of either credit or debit alert we received.

    ReplyDelete
    Replies
    1. Seriously i will like to know too.

      Delete
    2. The sms charges should be removed. I don't understand the either.

      Delete
  3. Welcome development. Hope they go obey ni

    ReplyDelete
  4. This is good, a welcome development. That ATM card maintenance charge of N100 a month should have been slashed too. Wouldn't know what they are maintaining.

    ReplyDelete
    Replies
    1. It's been removed is exactly what the write up says.

      Delete
    2. Slash ke? It was removed or didnt i read well?

      Delete
    3. Anon 08:37 did you comprend the post?

      Delete
  5. Bank and their annoying charges...
    Woke up to a debit alert from the bank for account Maintenance charge.. What are they maintaining. Next time they should try and be taking those charges during the day not me opening morning text message to see deduction from my account.
    I want to be seeing credit alert not debit, now they've scattered my account.

    ReplyDelete
    Replies
    1. πŸ˜…πŸ˜‚ when they want to do fraudulent debit charges, they do it midnight πŸ€£πŸ˜‚

      Delete
  6. Election is coming,

    ReplyDelete
    Replies
    1. It because of the Election. This people are just wicked

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  7. This is a good move from CBN

    ReplyDelete
    Replies
    1. Good move or election move.


      Watch how they will revert back to the charges and even add more.


      How a government enjoys making its citizens poor surprises me.

      Delete
  8. This is a welcome development, I hope the banks will implement it

    ReplyDelete
  9. CBN should continue deceiving Nigerians. Was it not last year CBN reduced the charges on the usage of USSD from #20 to #6 or so. I can't remember the exact amount now. From that last year till date , GTB still charges me #20 or #25 per transaction.

    I have also noticed that GTB charges me for any money paid into my acct , even if it's below 10k. I'm honestly tired of that bank!

    ReplyDelete
    Replies
    1. Then make a complaint. You can't just sit and be whining and expect CBN to know.

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    2. Same here o anon 08:20, they charge me for money being paid into my account. I have mailed them severally. I dun tire o

      Delete
    3. Change banks.

      There should be no charge on deposits.
      It's only excess cash deposit above the limit of N3m and N 500,000 on corporate and individual accounts respectively that attracts a charge.

      Delete
  10. Nice one, I hope the banks do this for real

    ReplyDelete
  11. Robbing peter to pay Paul
    The more you look the less you see
    Let's starve them so 5 grains if corn will look Like relief

    ReplyDelete

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