The Central Bank of Nigeria has reviewed downward electronic transfer and ATM fees as well as card maintenance fees.
The CBN reduced cash withdrawal charges from other banks’ Automated Teller Machines ATM from N65 to N35 after the third withdrawal within a month.
The new charges are contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN.
The new guideline signed by the CBN Director, Financial Policy and Regulation Department, Chibuzo Efobi showed a downward review for electronic banking transaction charges to align with market developments.
According to the CBN, bank customers will now pay N10 for electronic transfers below N5, 000, and N25 for electronic transfer between N5, 000 and N50,000.
The new directive is set to take effect on the 1st of January, 2020, in furtherance of CBN’s quest to make financial services more accessible and affordable to various stakeholders in the economy.
