The Central Bank of Nigeria (CBN) has conducted a review of banking charges and rates across the country. ayokinews.com reports
This was revealed in the CBN’s new “Guide to Charges by Banks, Other Financial and Non-Financial.”
The rule, according to the central bank, applies to charges made by other financial and non-financial banks operating under its license or control.
Fees for various financial transactions were reduced including Standing Order Charges (In-Branch), ATM Maninance Fees, Electronic Fund Transfers, and Bulk Payments, the document.
The CBN said in the most recent guideline that the Standing Order Charge for intra-bank transactions will be free, as opposed to the N300 in the 2017 guideline.
The price for Interbank Transfers was reduced to a maximum of N50 per transaction, down from N300 in 2017.
Payment of bills (including payments made through other E-channels) is negotiable up to N500 per beneficiary payable by the sender, with a review from N1,200 or 0.75 percent for a biller or merchant to pay.
Electronic Funds Transfer charges have also been reduced to N10 for transactions under N5000, N26 for transactions between N5001 and N50,000, and N50 for transactions beyond N50,000.
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/per month have also been removed in the new guideline.
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