Improved financial inclusion for all Nigerians…
Late in 2019, the Central Bank of Nigeria (CBN) issued a revised ‘Guide to Bank Charges’ which became effective on January 1, 2020. The revisions were allegedly made in a bid to encourage financial inclusion and reduce the burden of bank charges on consumers of financial service.
Thus, the new charges for electronic banking are as follows:
1. ATM withdrawal from other banks will now attract N35 (after the third withdrawal within the same month) instead of the former N65.
2. Maintenance for Naira Debit/Credit Cards is now N50 quarterly for cards linked to Savings accounts instead of N50 monthly for both Savings and Current accounts. This means that there is no maintenance fee for cards linked to Current accounts.
3. Charges for Electronic Funds transfer are no longer fixed at N50. For transfers below N5,000. the charge is N10, for transfers between N5,001 and N50,000, the charge is N25 and for transfers above N50,000, the charge is N50.
Additionally, one can opt to not receive SMS notifications to avoid the charges that come with this while email alerts remain free of charge.
It is worthy to also note that any financial institution (bank) that breaches these guidelines shall be sanctioned and charged a N2,000,000 penalty per case or as determined by the CBN per time.
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