Cbn new charges rule for banks
The Central Bank of Nigeria (CBN) has introduced new charges rules for banks in Nigeria. The rules aim to promote transparency, fairness, and customer-friendly banking practices. Here are the key highlights of the new charges rules:
- Maximum Charges: The CBN has set maximum charges for various banking services, including:
- N50 for ATM card maintenance fee
- N50 for debit card maintenance fee
- N100 for credit card maintenance fee
- N50 for online banking maintenance fee
- N50 for mobile banking maintenance fee
- N100 for SMS alert maintenance fee
- No Hidden Charges: Banks are prohibited from imposing hidden charges on customers. All charges must be clearly disclosed and communicated to customers in advance.
- Charges for Overdrafts: Banks are allowed to charge a maximum of 15% per annum on overdrafts, with a minimum of N500 per month.
- Charges for NSF Cheques: Banks are allowed to charge a maximum of N50 per day for NSF (Non-Sufficient Funds) cheques, with a maximum of N500 per month.
- Charges for Card Replacement: Banks are allowed to charge a maximum of N1,000 for card replacement, with a maximum of N2,000 for premium cards.
- Charges for Card Maintenance: Banks are allowed to charge a maximum of N500 per annum for card maintenance, with a maximum of N1,000 for premium cards.
- Charges for Online Banking: Banks are allowed to charge a maximum of N50 per month for online banking services.
- Charges for Mobile Banking: Banks are allowed to charge a maximum of N50 per month for mobile banking services.
- Charges for SMS Alerts: Banks are allowed to charge a maximum of N50 per month for SMS alerts.
- Transparency: Banks must provide clear and transparent information on all charges to customers, including the amount, frequency, and purpose of the charges.
- Customer Consent: Banks must obtain explicit consent from customers before imposing any charges.
- Complaint Resolution: Banks must have a robust complaint resolution mechanism in place to address customer complaints and concerns.
The new charges rules aim to promote a more customer-friendly and transparent banking environment in Nigeria.