CBN DIRECTIVE ON REVISED BANK CHARGES IN NIGERIA
In reference with Central Bank of Nigeria (CBN) Directive implement provisions in the revised guide of Bank charges (RGBC), we wish to inform you.
About the deduction of transaction charges for the following transactions which will be effective in January 1, 2020. and this applies to all banks in Nigeria.
Some of the changes introduced in the Revised Guide is as follows:
- Electronic transfers has been scaled from the previous rate of 50 Naira to the following range
- Transfer below N5000 will attract minimum charge of 10 Naira
- from the range N5001 to N50,000 will attract a charge of 25 Naira.
- transactions above N50,000 will attract a charge of 50 Naira.
- Card maintenance fee for current account has been removed due to an already existing account maintenance fee.
- Savings account now attracts N50 card maintenance per quarterly from N50 per month.
- annual card maintenance fee on FCY dominated cards has been reduced to N10 from N20.
- Remote use of ATM charges now reduced to N35 after the third withdrawal from N65.
- fee for Sms mandatory alert will be on cost of N4 on cost recovery from the previous maximum charge.
- Bill payment from e-channels now attracts N500 maximum charge from 0.75% of transaction value subject to maximum of N1200 .
On 20th December, 2019, The Central bank of Nigeria released two regulatory guides to replace the one in 2017, and Consumer Protection Regulations
To implement the principles prescribed in the Consumer Protection Framework issued in November 2016.
To learn more about this Click here to view the complete documentation.
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