Central Bank of Nigeria, CBN has ordered all commercial banks in Nigeria to slash the price of the interbank transfer and Automated Machine withdrawals. The directive was issued during the weekend in its Revised Guide to banks, other financial and non-financial institutions.
The complaint on bank charges has increased in recent times. Banks in Nigeria have been accused of charging diverse fee varying from N65 monthly ATM card maintenance fee to interbank transfer charges.
The complaint from customers spurred the Central Bank of Nigeria to slash charges. It has ordered commercial banks to adhere to the new rule by 1st January 2020. This will also help the country to promote the cashless policy in Nigeria.
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The guide states that inter-bank transfer below N5000 will attract N10 charge only. Interbank transfer between N5,000 – 50,000 will get attract N25 charge while those above 50,000 receives N50 bank charge.
The new directive also mandates banks to charge N35 for Automated Teller Machine Withdrawals against the previous N52 charged on third withdrawal.
Amazingly, the directives also removed the compulsory N65 monthly card maintenance fee on all cards linked to current accounts.
A tweet from the Apex bank’s Twitter page noted that the recent directive will encourage financial inclusion in the country. It will also reduce the burden of bank charges on the consumer and enhance electronic transactions. Commercial banks found red herring the directive will be penalized and liable to pay about 2million Naira.
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