CBN Removes ATM Maintenance Fee, Cuts Other Bank Charges

The Central Bank of Nigeria (CBN) led by Godwin Emefiele, has reviewed charges and rates for banking activities in the country.

This online news platform understands that the development was disclosed in the CBN new ‘Guide to Charges by Banks Other Financial and Non-Financial’ debit card maintenance charges that were N100/Month have been removed in the new guideline. CBN also reduced ATM Bill Payment from N100 to N50.

CBN said the guideline applies to charges by Banks Other Financial and Non-Financial under its licence or regulation.

The document revealed that the apex bank has reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maninance Fees; Electronic Fund Transfers and Bulk Payments among others.

CBN in the latest guideline, said Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.

The apex bank cut the charges for Interbank Transfers to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (Including Bills Payment through other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

The Electronic Funds Transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMS have been reduced from N65 to N35 after the third withdrawal within the same month.