CBN Approves New Charges on Bank Transactions effective from January 1st, 2020

The Central Bank of Nigeria (CBN) recently released a new directive indicating a downward review of charges on electron financial transactions. Central Bank of Nigeria has announced a new regime of charges banks can levy on their customers, including on Automated Teller Machine transactions.

The directive which is aimed at improving the adoption of electronics payment channels and also to promote financial inclusion will take effect nationwide from Wednesday, January 1, 2020.

Implication of the new CBN bank Charge updates

With the implementation of this new policy, you can now carry out more transactions using our electronic channels (Onepay, USSD, ATM, Sterling Pro) at lower charges as the rates for electronics transactions have been reviewed downwards as seen below;

FG Issues Fresh Threats- No TIN, No Bank Withdrawal from January 2020

See New CBN Transfer Charges

New Charges for Electronics transfers:
TRANSACTION LIMITS	OLD TRANSFER CHARGES	NEW TRANSFER CHARGES
Transfers below N5,000	N52.50	N10
Transfers between N5,001 – N50,000	N52.50	N25
Transfers above N50,000	N52.50	N50
New Charges For ATM Withdrawals
To e charged after every 3rd withdrawal in a month on another bank’s ATM	N65	N35
Card Maintenance Charges
Savings Account	N50 monthly	N50 Monthly
Current Account	N50 monthly	No Charges

 

Under the new rules, Card Maintenance Fee on all cards linked to current accounts has been eliminated.

Banks will also now charge a maximum of N1 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 guidelines also pegged the Advance Payment Guarantee to 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.

The President, Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, who spoke on the development, said the CBN, along with the NCC, would need to establish the exact charges telecommunications operators will apply for using their platforms for the CBN to achieve its digital financial services mandate and, by implication, increase the level of financial inclusion expected in 2020.

 

To get more Updates

• Subscribe to the site sparkgist.com using your Email address. Subscription is totally FREE
• LIKE our Facebook page for direct updates
• FOLLOW our Twitter News Handle for updates
• In case of any issue or  challenge or questions, Click Here