Updated: CBN Republishes Charges On Electronic Transactions, Lists Correct Electronic Bank Fees

Updated: CBN Republishes Charges On Electronic Transactions, Lists Correct Electronic Bank Fees

  • The Central Bank of Nigeria has revealed the right bank charges in response to Nigerians' complaints about high bank charges
  • In the republished guidelines CBN listed various changes in ATM withdrawal fees, bill payment, SMS alerts rate among others
  • Nigerian banks are making a lot of money from electronic transactions recording over N200 billion in 2021

The Central Bank of Nigeria (CBN) has republished the correct charges for electronic banking operations reminding financial institutions and the public on expected charges on every transactions.

The guideline was signed by Chibuzor Efobi, for the Director, Financial Policy and Regulation Department of CBN and republished on Tuesday, 27 January 2022.

The guideline included review of other bank charges to align with market developments and was first published in 2004 and revised in 2013, 2017, 2019 and 2020.

Read also

Fuel subsidy: Transport fares soars 283% in January, says NBS

CBN reduces electronic charges, list the correct fees for transactions carried out by Bank customers
CBN governor Godwin Emefiele Credit: Chris J. Ratcliffe/Bloomberg
Source: Getty Images

Part of the CBN guidelines also comprised sections designed to directly address instances of excess unapproved, (arbitrary) charges.

Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng!

The News Agency of Nigeria (NAN) in its report noted that the CBN has the mandate to issue the guide to bank charges.

Here are some of the major electronic charges first made public on December 2019

  • The annual cost for foreign currency (FCY) denominated cards has been cut from $20 to $10.
  • ATM fees are decreased from N65 to N35 following the third withdrawal within a month.
  • The fee for hardware tokens will be based on cost recovery, with a maximum charge of N2,500, as opposed to the previous maximum charge of N3,500.
  • The fee for SMS obligatory alerts will be based on a cost recovery from the previous maximum price of N4.
  • Bill payments made through e-channels will incur a maximum fee of N500 based on 0.75 percent of the transaction amount up to a maximum of N1,200.
  • A pricing scale for electronic transfers to replace the present N50 flat cost. As a result, transactions below N5,000 would incur a maximum fee of N10; transfers between N5001 and N50,000 will incur a charge of N25; and transfers above N50,000 will incur a charge of N50.

Read also

Four Top Nigerian bank CEOs kick off 2022 in riches. Here is how much they made in January 2022

Nigeria largest banks by customer deposits

Meanwhile, total customer deposits in nine Nigerian banks climbed to N30.81 trillion at the end of the first quarter of this year, up from N29.73 trillion in December 2020.

United Bank for Africa Plc was the top bank in terms of customer deposits as of March 31, 2021, with deposits growing to N5.79 trillion from N5.68 trillion in December.

Others were revealed in the report which used public information from the banks audited accounts published on the Nigerian exchange website.

Source: Legit.ng

Online view pixel