The Central Bank of Nigeria (CBN) recently released a new directive indicating a downward review of charges on electron financial transactions. Central Bank of Nigeria has announced a new regime of charges banks can levy on their customers, including on Automated Teller Machine transactions.
The directive which is aimed at improving the adoption of electronics payment channels and also to promote financial inclusion will take effect nationwide from Wednesday, January 1, 2020.
Implication of the new CBN bank Charge updates
With the implementation of this new policy, you can now carry out more transactions using our electronic channels (Onepay, USSD, ATM, Sterling Pro) at lower charges as the rates for electronics transactions have been reviewed downwards as seen below;
See New CBN Transfer Charges
|New Charges for Electronics transfers:|
|TRANSACTION LIMITS||OLD TRANSFER CHARGES||NEW TRANSFER CHARGES|
|Transfers below N5,000||N52.50||N10|
|Transfers between N5,001 – N50,000||N52.50||N25|
|Transfers above N50,000||N52.50||N50|
|New Charges For ATM Withdrawals|
|To e charged after every 3rd withdrawal in a month on another bank’s ATM||N65||N35|
|Card Maintenance Charges|
|Savings Account||N50 monthly||N50 Monthly|
|Current Account||N50 monthly||No Charges|
Under the new rules, Card Maintenance Fee on all cards linked to current accounts has been eliminated.
Banks will also now charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only.
The guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The President, Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, who spoke on the development, said the CBN, along with the NCC, would need to establish the exact charges telecommunications operators will apply for using their platforms for the CBN to achieve its digital financial services mandate and, by implication, increase the level of financial inclusion expected in 2020.
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