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Nigerians hail CBN for reducing electronic bank charges

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  The bank s customers have praised the Central Bank of Nigeria CBN for reducing charges for electronic banking They spoke to the Nigerian News Agency in separate interviews on Tuesday in Lagos They said the reduction showed that the main bank was listening to people s plight Andy Kingsley a graphic designer said that CBN s fast action had made him more confident With this unique show of empathy from people I am happy This has made me trust them more The CBN not only reduced the fees that banks used to extort from us but told us how to report any bank that overcharges its customers Kingsley said David Akpatre a trader also praised the main bank and said that they had really worked on their pitch The CBN has actually reduced the charges because I intentionally went to the ATM to check to make sure they don t just reduce it on paper But you know my only concern is that the banks might find another way to get this money back from customers If there is some way that the CBN can monitor the banks and provide strict oversight on these issues I think it will help Akpatre said Philomena Nnaji a teacher expressed the hope that since CBN was mandated to issue guidelines to banks they would stop excessive deductions on card keeping My concern and that of other Nigerians has always been excessive deductions it has always been excessive deductions from banks for card maintenance and electronic payments to double deductions of stipulated charges on a daily and monthly basis So introducing these guidelines will really rein in the banks he said Meanwhile a NAN correspondent who monitored some of the ATMs around Ikotun in Alimosho Local Government Council to withdraw cash reports that most banks had made changes to their fees and that the Clients could withdraw as much as they wanted Banks visited include First Bank of Nigeria Guaranty Trust Bank Zenith Bank Ecobank and Access Bank The CBN recently reduced ATM ATM withdrawal and interbank transfer fees CBN s revision of the charges was contained in its revised guidelines on charges for banks other financial institutions and non bank financial institutions It also reduced interbank transfers to a maximum of N50 per transaction from N300 CBN notes that the standing order charge for intrabank will be free instead of the N300 contained in the 2017 guideline Bill payment including bill payment through other electronic channels is negotiable subject to a maximum of N500 per payee payable by the sender a revision of N1 200 or 0 75 per cent to be paid by a biller or businessman Electronic Funds Transfer was also revised down to the N10 charge for a transaction less than N5 000 N26 for transaction from N5 001 to N50 000 while transactions above N50 000 will be charged N50 ATM withdrawals from other banks have been reduced from N65 to N35 after the third withdrawal within the same month YAYA
Nigerians hail CBN for reducing electronic bank charges

Central Bank

yle=”font-weight: 400″>The bank’s customers have praised the Central Bank of Nigeria, CBN, for reducing charges for electronic banking.

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Nigerian News Agency

They spoke to the Nigerian News Agency in separate interviews on Tuesday in Lagos.

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They said the reduction showed that the main bank was listening to people’s plight.

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Andy Kingsley

Andy Kingsley, a graphic designer, said that CBN’s fast action had made him more confident.

“With this unique show of empathy from people, I am happy. This has made me trust them more.

“The CBN not only reduced the fees that banks used to extort from us, but told us how to report any bank that overcharges its customers,” Kingsley said.

David Akpatre

David Akpatre, a trader, also praised the main bank and said that they had really worked on their pitch.

“The CBN has actually reduced the charges because I intentionally went to the ATM to check, to make sure they don’t just reduce it on paper.

“But you know my only concern is that the banks might find another way to get this money back from customers.

“If there is some way that the CBN can monitor the banks and provide strict oversight on these issues, I think it will help,” Akpatre said.

Philomena Nnaji

Philomena Nnaji, a teacher, expressed the hope that since CBN was mandated to issue guidelines to banks, they would stop excessive deductions on card keeping.

My concern and that of other Nigerians has always been excessive deductions, it has always been excessive deductions from banks for card maintenance and electronic payments to double deductions of stipulated charges on a daily and monthly basis.

“So introducing these guidelines will really rein in the banks,” he said.

Ikotun in Alimosho Local Government Council

Meanwhile, a NAN correspondent, who monitored some of the ATMs around Ikotun in Alimosho Local Government Council to withdraw cash, reports that most banks had made changes to their fees and that the Clients could withdraw as much as they wanted.

First Bank of Nigeria

Banks visited include First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, Ecobank and Access Bank.

The CBN recently reduced ATM, ATM, withdrawal and interbank transfer fees.

CBN’s revision of the charges was contained in its revised guidelines on charges for banks, other financial institutions and non-bank financial institutions.

It also reduced interbank transfers to a maximum of N50 per transaction from N300.

CBN notes that the standing order charge for intrabank will be free instead of the N300 contained in the 2017 guideline.

Bill payment (including bill payment through other electronic channels) is negotiable subject to a maximum of N500 per payee payable by the sender, a revision of N1,200 or 0.75 per cent to be paid by a biller or businessman.

Electronic Funds Transfer

Electronic Funds Transfer was also revised down to the N10 charge for a transaction less than N5,000; N26 for transaction from N5,001 to N50,000 while transactions above N50,000 will be charged N50.

ATM withdrawals from other banks have been reduced from N65 to N35 after the third withdrawal within the same month.

YAYA

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