The Central Bank of Nigeria (CBN) has reduced ATM withdrawal charges and interbank transfer fees following a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, other Financial Institutions, and Non-Bank Financial Institutions. The ATM Withdrawals with service charge of N65 will now be N35 after a third withdrawal in the same month. The maximum fee for interbank transfers has been slashed from N300 to N50.
In a circular signed by Chibuzor Efobi, Director, Financial Policy and Regulation Department and titled “Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions”.
According to CBN, the reviewed guidelines include a review of other bank charges to comply with market changes, adding that the new guidelines contain sections of accountability, responsibility, and sanction regime to directly address instances of excessive unapproved, (arbitrary) charges.
The apex bank also noted that the revised guidelines take effect on January 1, 2020.
According to CBN, the Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.
For Interbank Transfers, the CBN cut the charges 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.
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