CBN Gov Godwin Emefiele
Following repeated public clamour for more financial relief and charges by banks, the Central Bank of Nigeria, CBN, has unveiled a new policy to reduce charges on electronic banking services with effect from January 1, 2020.
The apex bank in a statement on Sunday has directed banks to start the new year with the new charges ranging from N35 instead of N65 after third withdrawal in a month on another bank’s ATM and N50 every three months for only savings accounts. Current accounts are exempted
Others reviews include electronic transfers where banks currently charge N52 for all transfers include: N10 for transfers less than N5000; N25 for transfers between N5000 and N50,000, and N50 for transfers above N50,000.
According to the apex bank, the reviews were in a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service
It said the revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions was in response to the evolution in the financial industry over the last few years.
