The Central Bank of Nigeria (CBN) on Sunday reviewed downwards withdrawal fees usually charged after the third withdrawal from Automated Teller Machines within the same month.
In a new directive contained in the new Guide to Bank Charges released on Sunday, the CBN stated that the withdrawal fee charged for the use of other banks’ Automated Teller Machines (ATM) has been reduced to N35, from N65 earlier charged.
The CBN also removed Card Maintenance Fee on all cards linked to current accounts and also instructed banks to 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.
Meanwhile, the CBN stated that any Financial Institution that breaches any of the provisions as contained in the new Guide carries a penalty of N2 million per infraction or as may be determined by the CBN from time to time.
The sanctions partly read:
“Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.
“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.“
The new guideline signed by ChibuzoEfobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments and inclusion of new sections on accountability and sanctions for defaulting banks.
The guideline, which takes effect January 1, 2020, is in furtherance of CBN’s quest to make financial services more accessible and affordable to various stakeholders in the economy.
