CBN Reduces Electronic Transfer, ATM Withdrawal Charges From N65 To N35

The Central Bank of Nigeria (CBN) has issued new guidelines to banks in Nigeria.

The news guideline are contained in the Guide to Charges by Banks and Other Financial Institutions released by the CBN on Sunday.

According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 charge for electronic transfers below N500,000.

Further, the CBN slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

This means that customers who use their ATM cards to withdraw cash in machines other than those of their banks will now pay N35 per withdrawal after the first three withdrawals in a month. The first three withdrawals from a separate bank’s ATM per month will remain free of charge.

The new guide also stipulates that a one-off charge of N1,000 applies to the issuance of cards, irrespective of card type (regular or premium).

The same one-off charge of N1,000 applies for the replacement of debit cards at the customer’s instance for lost or damaged cards. In the same vein, upon expiry of existing cards, customers are to pay the same one-off charge of N1,000 irrespective of card type. Conversely, no charge shall be required for pre-paid card loading/unloading.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira 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,