The Central Bank of Nigeria (CBN) has recently reviewed its charges placed on the Nigerian citizens for the popular maintenance charges of Automated Teller Machine (ATM) cards and the fees for electronic financial transactions.
According to the recent report made by the CBN, 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 rule.
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.
There’s even more good news. The review of the fees also includes the reduction of charges for withdrawals through other bank’s ATMs from N65 to “maximum of N35 after the third withdrawal within the same month.”
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.
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.