2020: CBN Reduces Bank Charges,Fees

The Central Bank of Nigeria (CBN), has reviewed downward charges and fees for banking services.

The apex bank made this plain in the new guidelines for banks, other financial, and non-bank financial institutions released over the Weekend.

Mr Isaac Okorafor, CBN’s Director, Corporate Communications Department, announced that the guidelines will take effect from Jan. 1, 2020.

Briefing newsmen in Abuja he said the step was in furtherance of the bank’s financial inclusive policy aimed at making financial services more accessible and affordable to more stakeholders in the economy.

Okoroafor explained that some major highlights of the new guidelines included the removal of Card Maintenance Fee (CAMF) on all cards linked to current accounts.

Also,he informed that there would be a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only.

The CBN spokesman expatiated that the package involves a reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines as Remote-on-Us transactions.

He explained the reduction was from N65 to N35 after the third withdrawal within one month,saying other reductions include Advance Payment Guarantee (APG), now pegged at a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.

On debit card charges, Okorafor said that the new guide stipulated that a one-off charge of N1,000 applied to the issuance of cards, irrespective of card type regular or premium.He added that the same one-off charge of N1,000 applied for the replacement of debit cards at the customer’s instance for lost or damaged cards.

According to him upon expiry of existing cards, customers are to pay the same one-off charge of N1,000 irrespective of card type and no charge should be required for pre-paid card loading or unloading.

It should be recalled that many has been wary of the CBN plans to go ”cashless ”’come March 2020 in its inclusive policy.This have seen the consumer product manufacturers complaining that their normally low margins and the cash transaction charges introduce by CBN will be to the detriment of their businesses.