CBN Governor Godwin Emefiele

CBN Reduces Bank Fees, Removes ATM Maintenance Fee, and Eliminates Other Fees

The Central Bank of Nigeria (CBN) has examined banking costs and rates, including ATM maintenance fees, EFTs, and bulk payments, this is stated in the Central Bank of Nigeria’s new ‘Guide to Charges by Banks, Other Financial and Non-Financial Institutions.’

The guideline, according to the apex bank, relates to charges imposed by banks, other financial institutions, and non-financial institutions in accordance with their licensing or regulation.

The CBN has cut prices for some transactions, such as Standing Order Charges (In-Branch), ATM Maintenance Fees, Electronic Fund Transfers, and Bulk Payments.

In the most recent guideline, the CBN said that the Standing Order Charge for intra-bank transactions will be waived, down from N300 in the 2017 guideline.

The Central Bank of Nigeria (CBN) reduced the fee for Interbank Transfers to a maximum of N50 per transaction, down from N300 in 2017.
Payment of Bills (Including Payment of Bills Through Other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by the sender, a review from N1,200 or 0.75 percent payable by a biller or merchant.

According to reports, EFT costs have also been slashed to N10 for transactions under N5000, N26 for transactions between N5001 and N50,000, and N50 for transactions above N50,000.

Withdrawals from other banks’ ATMs were lowered from N65 to N35 after the third withdrawal in the same month.

The CBN also cut the cost for ATM Bill Payment from N100 to N50. The new policy eliminates monthly debit card maintenance costs of N100.

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