Cbn imposes new bank charges
You're referring to the recent development in Nigeria!
Yes, the Central Bank of Nigeria (CBN) has indeed introduced new bank charges, effective from January 1, 2022. The new charges are aimed at promoting financial inclusion, improving the efficiency of the payment system, and reducing the cost of banking services.
Some of the key changes include:
- Minimum account maintenance fee: Banks are now required to charge a minimum of N50 per month for current accounts and N20 per month for savings accounts, if the account balance falls below a certain threshold.
- Card maintenance fee: Banks will charge a minimum of N50 per month for debit cards and N100 per month for credit cards, if the card is not used for a minimum of 90 days.
- Overdraft charges: Banks will charge a maximum of 15% per annum on overdraft facilities, with a minimum of N50 per day.
- Cheque return charges: Banks will charge a maximum of N50 per cheque for returned cheques due to insufficient funds.
- Electronic payment charges: Banks will charge a maximum of 0.5% of the transaction value for electronic payment services, such as online transactions and mobile banking.
- Card transaction charges: Banks will charge a maximum of 0.5% of the transaction value for card transactions, such as ATM withdrawals and POS transactions.
These new charges are intended to encourage banks to reduce their operational costs and improve their services to customers. However, some critics have expressed concerns that the new charges may disproportionately affect low-income individuals and small businesses.
It's worth noting that the CBN has also introduced measures to promote financial inclusion, such as the expansion of the National Electronic Fund Transfer (N-EFT) system and the introduction of a new payment system for small transactions.
Overall, the new bank charges are aimed at promoting a more efficient and sustainable banking system in Nigeria, while also protecting the interests of both banks and customers.