Adedapo Adesanya
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has issued a revised guide to transactional charges by banks, other financial and non-bank financial institutions in the country in its bid to encourage financial inclusion.
In the new guidelines, the banking sector regulator said there will be a bank charge of N10 on transfers below N5,000; N25 for transfers between N5,000 and 50,000; N50 on transfers above 50,000.
It was also noted that ATM bank charges have been revised to N35 from N65 when customers use the ATM cards on machines of other banks for withdrawals more than three times in a month.
The apex bank explained on Sunday that it took this step with the aim of reducing the burden of bank charges on consumers of financial services in response to the evolution in the financial industry over the last few years.
In a document titled Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, it said the new guide includes, amongst others; downward review of charges for electronic banking transactions; also review of other bank charges to align with market developments.
It also stated that there will be inclusion of new sections on Accountability Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
THE CBN revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.
It is expected that with the drop in bank charges, over 20 million unbanked adults in Nigeria will be brought into the financial system to drive the planned 80 percent financial inclusion expected in 2020.
