See full list of approved charges for savings, current bank accounts

1 month ago 20

CBN has published a afloat database of approved charges for savings and existent accounts crossed Nigerian banks
The charges covered services specified arsenic transfers, withdrawals, paper maintenance, and physics banking fees
The determination aims to beforehand transparency and user extortion to debar excessive charges successful the fiscal sector

Dave Ibemere, a writer at Legit.ng, has been reporting connected concern for implicit 10 years. He has heavy cognition of the Nigerian economy, banal market, and wide marketplace trends.

The Central Bank of Nigeria has shared the database of approved slope charges for commercialized banks and different fiscal institutions.

The papers titled the usher to charges by banks, and oher fiscal and non-bank fiscal institutions instructed that transaction receipt/alert/confirmation for immoderate complaint shall incorporate a statement of the charge.

Checks by Legit.ng amusement that banks enforce assorted charges on their customers, including transfer fees, relationship attraction fees, SMS alert fees, and ATM withdrawal fees.

List of charges approved by CBN

Here is simply a snapshot of charges approved by the CBN.

Electronic funds transfer

For physics transfer, it is N50 for transactions supra N50,000, N25 for N5,000 – N50,000 and N10 complaint for beneath N5,000.

Automatic Teller Machines (ATM)

The complaint connected ATM withdrawals from different banks’ ATMs is N100 per withdrawal of N20,000 oregon less.

Card attraction interest for naira debit/credit cards

Naira debit oregon recognition cards linked to savings accounts pull a maximum N50 quarterly attraction fee, portion overseas currency-denominated debit/credit cards pull $10 from $20.

Naira debit /card charges

The issuance interest for these cards is N1,000 (one-off charge), irrespective of the regular oregon premium paper type. The aforesaid complaint applies for a replacement oregon renewal.

Statement of account

Special Request for Statement of Account (Request made successful a mode different than the agreed mandatory issuance) volition pull a interest of N20.

Cash withdrawal charges

For idiosyncratic accounts, currency deposits pull a 2% complaint connected transactions supra N500,000, portion currency withdrawals pull a 3% complaint connected amounts exceeding N500,000.

For firm accounts, currency deposits pull a 3% complaint connected transactions supra N3,000,000, portion currency withdrawals pull a 5% complaint connected amounts exceeding N3,000,000.

CBN to authorisation banks

Banks that complaint supra the outlined rates oregon present caller charges without the CBN’s consent volition beryllium fined.

CBN said:

"Financial institutions are to enactment that immoderate breach of the provisions of this Guide carries a punishment of N2,000,000 per infraction oregon arsenic whitethorn beryllium determined by the CBN from clip to time."ii. Where a slope is recovered to person wrongfully imposed a peculiar complaint connected its customers, the proviso of Section (i) supra shall use to the complaint imposed connected each customer."iii. Failure to comply with the CBN’s directive successful respect of immoderate infraction shall pull a further punishment of N2,000,000 regular until the directive is complied with."

Active slope accounts successful Nigeria increase

Ealier, Legit.ng reported that NIBSS has revealed that Nigeria witnessed a 17.5 cardinal summation successful active slope accounts past year.

These caller accounts were opened betwixt December 2021 and December 2022 arsenic banks heavy leveraged technology.

Opay, and Moinepoint, among respective different fiscal exertion companies, person contributed to this growth.

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Source: Legit.ng

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