Business

FULL LIST: CBN Removes ATM Maintenance Fee, Cuts Other Bank Charges

Published

3 years ago

Jan 30, 2022.

CBN has removed ATM maintenance fee and also reduced other bank charges.

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has reviewed charges and rates for electronic banking operations in the country.

The development was disclosed in the CBN new ‘Guide to Charges to Banks Other Financial and non-financial, on Thursday, 27th January 2022.

The apex bank said this was in response to “further evolution in the financial industry in the last years.”

This online media platform reports that debit card maintenance charges that were N100/Month have been removed in the new guideline. CBN also reduced ATM Bill Payment from N100 to N50.

The document revealed that the apex bank has reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maninance Fees; Electronic Fund Transfers and Bulk Payments among others.

CBN in the latest guideline said Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.

The apex bank cut the charges for Interbank Transfers to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (Including Bills Payment through other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

The Electronic Funds Transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for the transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMS have been reduced from N65 to N35 after the third withdrawal within the same month.

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