The Central Bank of Nigeria (CBN) has reduced ATM withdrawal charges, inter-bank transfer fees as it issues a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, Other Financial Institutions (OFIs), and Non-Bank Financial Institutions.
According to the circular by Chibuzor Efobi, the Director, Financial Policy and Regulation Department, titled “Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions”.
The CBN stated that the review was in response to “further evolution in the financial industry in the last few years.’’
In its amended guidelines to charges by banks, other financial institutions (OFIs), and non-bank financial institutions, the CBN has downward reviewed charges for electronic banking transactions.
The new guide, according to the apex bank, included a review of other bank charges in order to comply with market changes.
There were some changes like withdrawals on ATMs being reduced from N65 to N35 after the third withdrawal within the same month. CBN also cut interbank transfers to a maximum of N50 per transaction from N300.
According to the statement, new sections on accountability and responsibility, as well as a sanction regime to directly address instances of excessive, unapproved, (arbitrary) charges were included.
