CBN Cuts Bank Charges, Removes ATM Maintenance Fee, Other Charges

The Central Bank of Nigeria (CBN) has reviewed banking charges and rates including  ATM Maintenance Fees; Electronic Fund Transfers and Bulk Payments.

This was disclosed in the Central Bank of Nigeria’s new ‘Guide to Charges by Banks Other Financial and Non-Financial Institutions.

According to the apex bank, the guideline applies to charges made by Banks Other Financial and Non-Financial Institutions pursuant to their license or regulation.

According to the document obtained by Naija News, the CBN has reduced the fees associated with certain transactions, including Standing Order Charges (In-Branch); ATM Maintenance Fees; Electronic Fund Transfers; and Bulk Payments.

The CBN stated in the latest guideline that the Standing Order Charge for intra-bank transactions will be waived, down from N300 in the 2017 guideline.

The CBN reduced the charge for Interbank Transfers to a maximum of N50 per transaction, down from N300 in 2017.

Payment of Bills (Including Payment of Bills via Other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by the sender, a review from the ₦1,200 or 0.75 percent payable by a biller or merchant.

Naija News reports that the Electronic Funds Transfer charges have also been reduced to N10 for transactions below N5000; N26 for transactions between N5001 and N50,000; and N50 for transactions above N50,000.

After the third withdrawal within the same month, withdrawals from other banks’ ATMs were reduced from N65 to N35.

Additionally, the CBN reduced the fee for ATM Bill Payment from N100 to N50. Monthly debit card maintenance fees of N100 have been eliminated in the new guideline.