CBN announces new Bank Charges Regime, slashes charges for ATM

A new regime of charges which banks can levy on their customers, including on Automated Teller Machine transactions has been announced by Central Bank of Nigeria (CBN).

In the new regime, the hitherto N65 ATM charges after third withdrawal has been slashed to N35.

There are other reductions, according to the new Guide to Charges by Banks, other Financial and Non-Financial institutions, released on Sunday.

According to Chibuzor Efeobi, Director Financial Policy and Regulation Department, the new rates will be effective from 1 January 2020, said,

Under the new rules, Card Maintenance Fee on all cards linked to current accounts have been eliminated.

Banks will now charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgements 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.

Read the entire new rate regime here: CBN Guideline on charges