The Central Bank of Nigeria (CBN) has reviewed its charges placed on the Nigerians for the popular maintenance charges of Automated Teller Machines (ATM) cards and the fees for electronic financial transactions.
Bank Transfer Charges Reduced
According to a recent report made by the country’s Apex Bank, bank customers will from now on pay N10 for each electronic transfer below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfers from above N50,000 will cost N50, according to the new policy.
This is great news for the Nigerians, who have always complained about the high charges that come with making transfers to other banks and having to pay a constant fee every time, even for smaller transaction volumes.
ATM Withdrawal Charges Slashed
It did not end with bank transfer charges as we have even more good news. There’s also a downward review of the fee attached to withdrawals through other bank’s ATMs after the third time, within the same month. The charges have been slashed from N65 to a maximum of N35. Great! isn’t it?
This would ease the burden of having to count how many withdrawal transactions that have been made on other banks ATMs. Clearly, N35 seems more reasonable than the previous N65 that was charged.
Card Maintenance Fee (CAMF) Also Treated
Current Account holders are not left out, as the CBN has removed the Card Maintenance Fee (CAMF) on all cards linked to current accounts, with a maximum of N1 per mille for customer induced debit transactions to third parties and transfers to the customers’ account in another bank on current accounts.
The downward review by the CBN is thoughtful and also a relief for Nigerians who have complained over and again about how the bank milks them for day to day transactions.
It is also a testament to the positive and competitive effects of new Fintech organisations like OPay and others who have already given customers a taste of what it is like to transfer to other banks at a very low cost.