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Finance - Profiles - December 23, 2019

CBN Slashes Electronic Transfers, ATM Fees

The Central Bank of Nigeria (CBN) has slashed electronic transfer and ATM withdrawal charges from N65 to N35.

As contained in ‘Guide to Bank Charges’ released by the apex bank, on Sunday, December 22, it forthwith announced the downward review in electronic transfers as well as fees attached to transactions on banks’ automated teller machines (ATM.

According to the guideline, after the third withdrawal within the same month. the customer will be charged N65 fee.

In the new scheme of things, customers will be charged N10 for electronic transfers below N5,000, and N25 for electronic transfers between N5,000 and N50,000. Also, a N50 charge will be paid for electronic transfers above N50,000.

The CBN then cancelled card maintenance fees on all cards linked to current accounts and asked banks to charge a maximum of N1 per mille for customer-induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only.

A N2,000,000 fine or a penalty determined by the CBN will be paid by any bank who fails to comply with the new directives.

“Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time,” it said.

“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”

Also Read: MTN Nigeria Secures CBN License for Financial Services

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