Business

CBN slashes charges on electronic transfer, ATM withdrawals from January 1

Emefiele says crude oil price drop won’t affect investors

 

 

 

Following public outcry against multiple charges on banking transactions by Deposit Money Banks (DMB) the Central Bank of Nigeria (CBN) has announced reductions in charges for electronic transactions and fees for Automatic Teller Machine (ATM) card maintenance.

The apex bank which released the new guidelines in a circular to banks and non-financial institutions dated December 20, said the directive takes effect from the New Year.

According to the guidelines, charges on ATM withdrawals in separate bank’s machine will after the third transaction will attract N35 instead of the previous N65.

This means that customers who use their ATM cards to withdraw cash in machines other than those of their banks will now pay N35 per withdrawal after the first three withdrawals in a month. The first three withdrawals from a separate bank’s ATM per month will remain free of charge.

Also, part of the guidelines stipulates that customers will now be paying N10 for each electronic transfer below N5,000 and N25 for those between N5,000 and N50,000. Electronic transfer above N50,000 will be at the cost of N50.

The apex bank also removed the Card Maintenance Fee (CAMF) on all cards linked to current accounts, with a maximum of N1 per mille for customer induced debit transactions to third parties and transfers to the customers’ account in another bank on current accounts.

The bank’s director, Corporate Communication Department , Mr Isaac Okorafor, reportedly explained that the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back will cost N100 per N20,000 withdrawal that eventually amounts to N60,000 in one day.

Okorafor disclosed that for cards linked to savings account, a maintenance fee has been reduced from N600 per annum to N200.

He said that charges for reactivation or closure of accounts like savings, current and domiciliary have been removed while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 for each request.

One of the CBN’s new guidelines also states that there will be a penalty of N20, 000 against any bank that places arbitrary charges on customers and that the penalty will continue daily until the said financial institution adheres to the regulation.

It would be recalled that the CBN had announced that the nationwide implementation of the cashless policy will begin by March 31, 2020. The apex bank said that the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals

Comment With Facebook

Comments (41)

  1. Hello, tender thanks you looking for word! I repost in Facebook

  2. Hello, blame you for facts! generic viagra 100mg http://viapwronline.com I repost in Facebook.
    cost of viagra 100mg walmart

  3. Cialis average price cialis cialis prices 20mg

  4. Cialis cialis professional cialis 30 day trial voucher

  5. can buy cialis canada buy cialis no prescription cheapest price for cialis

  6. goodrx cialis buy viagra melbourne buy viagra cheap online

  7. can you buy viagra at walgreens cheap generic viagra uk buy cialis amazon

  8. viagra sale nz cheap viagra in the uk viagra women sale ireland

  9. cheap generic viagra uk online what is cialis how to order viagra from canada

  10. cialis online cheap from canada cialis generic availability buy cialis non prescription

  11. viagra for sale in the uk very cheap viagra cheap viagra australia online

  12. como ganhar na lotofacil acertar na lotofacil ganhar na lotofacil como ganhar na lotofacil de verdade como ganhar na lotofacil sempre como ganhar na lotofacil 2020 como ganhar na lotofacil 100 garantido dicas lotofacil como acertar na lotofacil dicas para ganhar na lotofacil

  13. buy viagra kenya buy cialis non prescription viagra sale los angeles

  14. viagra pills for cheap cialis – buy viagra no prescription uk

  15. cheapest levitra professional oo levitra coupon – cialis for sale uk

  16. cheap cialis overnight delivery viagra pills – buy generic levitra from canada

  17. cialis coupons cialis generic – buying cialis online uk

  18. F*ckin¦ amazing things here. I¦m very satisfied to look your article. Thank you so much and i am having a look forward to touch you. Will you please drop me a mail?

  19. viagra on sale cialis coupon – small order cialis

  20. buy cialis united states http://hydroxychloroquine24.com – hydroxychloroquine 200 mg price in india herbal viagra sale ireland

  21. generic viagra sale online http://zithazi.com – zithromax buy viagra jellies

  22. Thanks for sharing excellent informations. Your website is so cool. I’m impressed by the details that you?¦ve on this website. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for extra articles. You, my friend, ROCK! I found simply the information I already searched everywhere and just couldn’t come across. What an ideal web-site.

  23. Does your site have a contact page? I’m having a tough time locating it but, I’d like to send you an email. I’ve got some ideas for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it grow over time.

  24. Hey! I simply would like to give an enormous thumbs up for the nice information you might have here on this post. I can be coming again to your blog for extra soon.

  25. I have learn some good stuff here. Definitely worth bookmarking for revisiting. I surprise how much attempt you set to create any such wonderful informative site.

  26. You have mentioned very interesting details! ps nice web site.

  27. Hello there! This blog post couldn’t be written any better!
    Looking through this post reminds me of my previous roommate!

    He continually kept preaching about this. I most certainly will forward this post to him.
    Fairly certain he’ll have a good read. Thanks for sharing!

  28. You have observed very interesting details ! ps nice website .

  29. viagra men sale
    http://cialisxtl.com cheap levitra india

  30. generally meeting [url=http://cialisles.com/#]cialis canada[/url] personally purpose gently administration 20 mg cialis price already method cialis canada relatively outside http://cialisles.com/

  31. Great work! This is the type of info that should be shared around the net. Shame on Google for not positioning this post higher! Come on over and visit my web site . Thanks =)

  32. nowhere stick [url=http://viacheapusa.com/#]viagara for sale[/url]
    honestly recording certainly brain viagra for sale online uk
    fully mobile viagara for sale super plastic http://viacheapusa.com/

  33. viagra australia [url=https://viagenupi.com/#]viagra suppliers[/url] buy cheap purchase uk viagra
    viagra suppliers viagra cheap https://viagenupi.com/

  34. I really like your writing style, wonderful information, regards for posting :D. “Every moment of one’s existence one is growing into more or retreating into less.” by Norman Mailer.

  35. discount levitra pills https://cialisfavdrug.com viagra online usa

  36. I really appreciate this post. I’ve been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thanks again!

  37. else examination [url=https://amstyles.com/#]generic albuterol inhaler[/url]
    pretty shine between character generic ventolin tomorrow process generic albuterol inhaler nearby tone https://amstyles.com/

  38. thank you for this post, I am a big big fan of this internet site would like to go on updated.

  39. I very like this blog. Everything is cleared.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.