Nigerians want further cut as new bank charges commence


The CBN said a graduated fee scale for electronic transfers would replace the current flat fee of N50.

Accordingly, it said, transfers below N10,000 will attract a maximum charge of N10; transfer from N5001 – N50,000 -N25; and transfers above N50,000- N50.

It also said card maintenance fee on current account had been removed as the accounts already attract account maintenance fee.

Savings accounts will now attract card maintenance fee of N50 per quarter from N50 per month, it told the banks.

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The apex bank said the Annual Card maintenance fee on Foreign Currency (FCY) denominated cards had been reduced to $10 from $20.

Also, charges on cash withdrawal from other ATMs, other than from the bank that issued the card, were reduced to N35 after third withdrawal within a month from N65.

While the charge for hardware token will be on cost recovery basis subject to a maximum of N2,500 from previous maximum charge of N3,500, according to the CBN.

Fee for SMS mandatory alert will be on cost recovery from previous maximum charge of N4, it said.

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It said bill payment via e-channels will attract a maximum charge of N500 from 0.75% of transaction value subject to maximum of N1,200.

It also issued a new section on Accountabilities/Responsibilities and Sanctions regime to address instances of excess, unapproved and/or arbitrary charges.

Though many bank customers across the country commended the CBN for the new charges, they however called for more slashes.

A Lagos-based engineer, Mr Idowu Ige, said the CBN should further slash the various charges by banks in order to deepen financial inclusion.

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He claimed some people failed to keep their monies in conventional banks because of charges.

Also, an Abuja-based financial expert, Taju Ilyas, called on the CBN to remove ATM withdrawal charges.

He said there was no justification for banks to charge their customers for withdrawal.

Adeola Esther, a trader at Balogun Market in Lagos, said the CBN should bring all charges down to N5.

Olajire Taofeek
I've been a freelance web developer and blogger for a while now, and I have passion for both. Like most men, I'm a football lover, infact I prefer playing to watching matches. Personally, I believe with dedication there's no limit to what we can achieve. Yes, we all have the power and ability to do that. You can contact me via [email protected] for your web design and development gigs.

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