The Nigerian bank customers have today Monday applauded the Central Bank of Nigerian (CBN) Move-in slashing various bank charges. A cross-section of bank customers who has interaction with the News Agency of Nigeria (NAN) in Abuja has described the move by the CBN as the right move in the right direction.
NAN reported that on Sunday, the CBN in new guidelines issued announced the downwards review of various charges and fees for banking services, other financial and non-bank financial institutions, with effect from Jan. 1, 2020.
Among other charges, CBN directed that henceforth, bank customers would now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.
Previously, bank customer was paying N50 charge for each electronic transfer below N500,000.
Contained in the new law was also a slashedcharge for cash withdrawals via other banks ATM to a maximum of N35 after the third withdrawal within the same month from N65 after the third withdrawals within the same month.
A bank customer, Mr James Onumah told NAN that the CBN’s directive was a New Year gift to all bank customers.
Onumah said most Nigerian banks were still characterised with some inefficiencies yet they charge customers for services they did not provide. He explained that withdrawal charges of about N65 being taken from bank users by banks were exploitative and uncalled for.
Mrs Hadiza Maikarfi said the announcement was a welcome development for her at the weekend.
“On Card Maintenance Fee (CAMF), the new law expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers and lodgements to the customer’s account in another bank.
“It stressed that CAMF is not applicable to Savings Accounts.
The apex bank carried out the review of the guide, which also prescribes charges permissible for Other Financial Institutions and non-bank financial institutions, in order to align with market developments.
To protect the bank customers further, unapproved or arbitrary charges by banks and other financial institutions, the law prescribed a penalty of N2,000,000 per contravention or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.
