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Good News To Nigerians, As CBN Cuts Many Banks Charges

The Central Bank of Nigeria (CBN) has evaluated banking costs and rates, such as ATM maintenance fees, EFTs, and bulk payments.
This was revealed in the new ‘Guide to Charges by Banks, Other Financial and Non-Financial Institutions’ published by the Central Bank of Nigeria.

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 lowered fees linked with various activities, including Standing Order Charges (In-Branch), ATM Maintenance Fees, Electronic Fund Transfers, and Bulk Payments, according to a document obtained by BEST NEWS NETWORK

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

Interbank Transfer fees have been cut by the CBN to a maximum of N50 per transaction, down from N300 in 2017.

Payment of Bills (Including Payment of Bills via Other E-channels) is Negotiable up to N500 per beneficiary payable by the sender, with a review from N1,200 or 0.75 percent payable by a biller or merchant.

Electronic Funds Transfer rates have also been cut to N10 for transactions under N5000, N26 for transactions between N5001 and N50,000, and N50 for transactions beyond N50,000.

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

In addition, the CBN cut the cost for using an ATM to pay bills from N100 to N50. In the new guideline, monthly debit card maintenance costs of N100 have been eliminated.

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