Central Bank of Nigeria
Central Bank of Nigeria

Central Bank of Nigeria have taken a step towards making banking a lot better for Nigerians by reducing bank charges on electronic transfers, ATM withdrawal and ATM card maintenance charge.

This move kicked of late December last year when CBN first decided to drop ATM charges after the third withdrawal to N35 from N65. The new changes favors customers operating both current and savings account.

We all know how frustrating it can get when you’re down to your last cash and your bank makes it hard for you to get by deducting their so called maintenance fee/charges whatsoever.

However, CBN has taking to peoples complaints and have now revised the bank charges so customers total dissatisfaction of having a bank account.

Central Bank of Nigeria
Infographics: Central Bank of Nigeria

For customers running a current account, card maintenance fee has been totally eliminated for all linked card, customer operating a savings account however, will no longer have to pay N52 card maintenance fee per month but N50 per quarter, amounting to only N200 per annum instead of N600.

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Also, Banks will now 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.

CBN has also set debit card charge at a one-off charge of N1,000 for the issuance of cards, irrespective of card type regular or premium. The same amount applies for replacement of debit cards at the customer’s instance for lost or damaged cards.

Upon expiry of existing cards, customers are to pay the same one-off charge of N1,000 irrespective of card type and no charge should be required for pre-paid card loading or unloading.

Finally, there would be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status inquiry at the request of the customer like confirmation letter, letter of non-indebtedness and reference letter would now attract a fee of N500 per request.

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