Breaking: Central Bank Of Nigeria (CBN) Slashes ATM Withdrawal And Electronic Transfer Charges

The CBN has announced a downward review of ATM and electronic transfer fees as well as card maintenance charges.

The new charges were listed in the latest Guide to charges by Banks and other Financial Institutions.

According to the report, customers of banks will now pay N10 for electronic transfer less than N5,000, and N25 for transfer between N5,000 and N50,000. Electronic transfer above N50,000 will attracts N50.

Recall that bank customers pay N50 for electronic transfer below N500,000. The CBN also slashed charges for cash withdrawal on other bank’s ATM terminal to N35 after the third withdrawal in the same month from N65.

Card maintenance fee (CAMF) was removed on all cards linked to a current account. Isaac Okorafor, Director, Corporate Communications, CBN, explained further that the current NIP charges apply to use of USSD, purchase done with cashback will attract a fee of N100/N20,000 subject to cumulative N60,000 withdrawal/day.

The cards linked to a savings account, the maintenance fee has been slashed to N50/quarter from N50/month amounting to N200/annum instead of N600

Therefore, the CBN has urged financial service providers and bank customers to acquaint themselves with these new provisions of the Guide and be guided accordingly.