The Central Bank of Nigeria (CBN) on Sunday, announced a reduction on the withdrawal fee charged for the use of other banks’ Automated Teller machines from N65 to N35.
CBN announced this as a part of a new Guide to Bank Charges.
The N35 charge would be charged on the third withdrawal made in a month via a machine other than the customer’s bank’s.
The Guide erases Card Maintenance Fee on cards linked to current accounts, and charges banks to charge not more than N1 per mille for customer induced debit transactions to third parties and transfers or lodgements to the customers’ account in another bank on current accounts only.
Advance Payment Guarantee (APG) would also be pegged at a maximum of one percent of the APG in the first year and 0.5 per cent subsequently.
The Guide says, “Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.
” Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”
Banks have been warned by the CBN to comply with the guidelines as sanctions would be meted out to erring banks.
