Cbn new guide to charges by bank

You're referring to the Central Bank of Nigeria's (CBN) new guide to charges by banks in Nigeria. Here's a summary of the key points:

Background

In 2020, the CBN introduced a new guide to charges by banks in Nigeria, aimed at promoting transparency, fairness, and competition in the banking industry. The guide outlines the maximum charges that banks can impose on customers for various services.

Key Provisions

  1. Minimum and Maximum Charges: The guide sets minimum and maximum charges for various banking services, such as:
    • Cash withdrawal at ATMs: N35 (minimum) to N65 (maximum) per transaction
    • Cash withdrawal at bank branches: N50 (minimum) to N100 (maximum) per transaction
    • Electronic transfers: N10 (minimum) to N50 (maximum) per transaction
    • Cheque clearing: N50 (minimum) to N100 (maximum) per cheque
  2. Charges for Services: The guide outlines charges for various services, including:
    • Account maintenance: N50 to N100 per annum
    • Account opening: N500 to N1,000
    • Account closure: N500 to N1,000
    • Cheque book issuance: N500 to N1,000
  3. Charges for ATM and Debit Card Services: The guide sets charges for ATM and debit card services, including:
    • ATM card issuance: N1,000 to N2,000
    • ATM card replacement: N500 to N1,000
    • Debit card issuance: N500 to N1,000
    • Debit card replacement: N200 to N500
  4. Charges for Electronic Payment Services: The guide outlines charges for electronic payment services, including:
    • Mobile banking: N10 to N50 per transaction
    • Online banking: N10 to N50 per transaction
    • Cardless withdrawal: N50 to N100 per transaction
  5. Charges for Other Services: The guide sets charges for other services, including:
    • Bill payment: N50 to N100 per transaction
    • Utility payment: N50 to N100 per transaction
    • Loan processing: N500 to N1,000

Penalties for Non-Compliance

Banks that fail to comply with the guide's provisions may face penalties, including:

  1. Fines: The CBN may impose fines on banks that violate the guide's provisions.
  2. Suspension of Operations: The CBN may suspend the operations of a bank that repeatedly violates the guide's provisions.
  3. Revocation of License: In extreme cases, the CBN may revoke the license of a bank that fails to comply with the guide's provisions.

Conclusion

The CBN's new guide to charges by banks in Nigeria aims to promote transparency, fairness, and competition in the banking industry. The guide sets minimum and maximum charges for various banking services, and banks that fail to comply may face penalties. It is essential for banks and customers to understand the guide's provisions to ensure a smooth and efficient banking experience.