CBN cuts Bank charges, removes ATM maintenance fee, other charges.

Written by on February 1, 2022

The Central Bank of Nigeria (CBN) has reduced ATM withdrawal charges, inter-bank transfer fees as it issues a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, other Financial Institutions (OFIs) and Non-Bank Financial Institutions.

In its amended guidelines to charges by banks, other financial institutions (OFIs), and non-bank financial institutions, the CBN has downward reviewed charges for electronic banking transactions.

This is according to the circular by Chibuzor Efobi, the Director, Financial Policy and Regulation Department, titled “Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions”.

Payment of Bills (Including Payment of Bills via Other E-channels) is Negotiable subject to a maximum of 500 naira per beneficiary payable by the sender, a review from the 1,200 naira or 0.75 percent payable by a biller or merchant.

the Electronic Funds Transfer charges have also been reduced to 10 naira for transactions below 5000 naira; 26 naira for transactions between 5001 naira and 50,000 naira; and 50 naira for transactions above 50,000 naira.

After the third withdrawal within the same month, withdrawals from other banks’ ATMs were reduced from 65 naira to 35 naira.

Seun Fakorede

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