The Central Bank of Nigeria (CBN) has announced a new regime of charges banks can levy on their customers, including on Automated Teller Machine (ATM) transactions.
In a move that would boost the Christmas spirit of bank customers, the CBN slashed ATM charges after third withdrawal from N65 to N35.
There were other reductions, according to the new Guide to Charges by Banks, other Financial and Non-Financial institutions, released, on Sunday.
The new rates would be effective from January 1, 2020, said Chibuzor Efeobi, Director Financial Policy and Regulation Department of the apex bank.
Under the new rules, Card Maintenance Fee on all cards linked to current accounts has been eliminated.
Banks will also now charge a maximum of N1 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.
The guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
Other reductions include Advance Payment Guarantee (APG), now pegged at maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The new guide set debit card charge at a one-off charge of N1,000 for the issuance of cards, irrespective of card type regular or premium.
The same one-off charge of N1,000 applied for the replacement of debit cards at the customer’s instance for lost or damaged cards.
Upon expiry of existing cards, customers are to pay the same one-off charge of N1,000 irrespective of card type and no charge should be required for pre-paid card loading or unloading.
The current NIBSS Instant Payments (NIP) charges applied to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back would attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal.