Central Bank Of Nigeria Slashes ATM Charges, Inter-bank Transfer Fees | AfroNaija



 
Promote / Monetize Your Song With Us On WhatsApp: 09092093564
 
 
DOWNLOAD THIS MIX
News

Central Bank Of Nigeria Slashes ATM Charges, Inter-bank Transfer Fees

0
(0)

Central Bank Of Nigeria Slashes ATM Charges, Inter-bank Transfer Fees

Central Bank Of Nigeria Slashes ATM Charges, Inter-bank Transfer Fees

ATM withdrawal charges and inter-bank transfer fees have been reduced by The Central Bank of Nigeria (CBN).

This was announced after the Central Bank of Nigeria (CBN) issued a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions.

In its amended guidelines to charges by banks, other financial institutions (OFIs), and non-bank financial institutions, the Central Bank of Nigeria (CBN) has downward reviewed charges for electronic banking transactions.

This is according to the circular by Chibuzor Efobi, the Director, Financial Policy and Regulation Department, titled “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANK FINANCIAL INSTITUTIONS”.

The CBN stated  that the review was in response to “further evolution in the financial industry in the last few years.’’

The new guide, according to the top bank, included a review of other bank charges in order to comply with market changes.

There were some changes like withdrawals on ATMs being reduced from N65 to N35 after the third withdrawal within the same month. CBN also cut inter bank transfers to maximum of N50 per transaction from N300.

It also included new sections on accountability and responsibility, as well as a sanction regime to directly address instances of excessive unapproved, (arbitrary) charges, according to the statement.

What the CBN is saying 

The CBN stated that the guide provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under the purview of the apex bank.

“The guide was first released in 2004 and revised in 2013 and 2017 due to market developments such as innovations in products and channels, as well as new industry participants,” CBN said.

According to the apex bank the new Guide includes, amongst others:

  • Downward review of charges for electronic banking transactions;
  • Review of other bank charges to align with market developments
  • Inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
  • The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.

The post Central Bank Of Nigeria Slashes ATM Charges, Inter-bank Transfer Fees appeared first on NEWS.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Aminat Aigbe

Aminat Aigbe is the first lady of afronaija and a very good blogger ( Original Mrs AfroNaija )

Related Articles

Leave a Reply

Your email address will not be published.