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CBN Slashes Bank Charges on Cashless Transaction

Olaitan Nurudeen

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CBN Slashes Bank Charges on Cashless Transaction

The Central Bank of Nigeria announced the slash of charges for cashless transaction in order to boost the country’s cashless policy.

The apex bank’s spokesman during the announcement of the slash yesterday said the new fee policy will take effect by 1st of January, 2020. Online transfer that currently attracts ₦52.50 will then attracts only ₦10 he added.

Below is the summary of the CBN Revised Bank Charges

A. Electronic transfers:

  1. N10 for interbank transfer less than N5000
  2. N25 for interbank trans between N5,001 – 50,000
  3. N50 for interbank trans above N50,000

B. ATM Withdrawal

  1. Now N35 (previously 65) after 3rd withdrawal in a month, on another banks ATM.

C. Card Maintenance Charge
1. N50 every 3 months for Savings (Now quarterly as against the current monthly charges)
2. Zero for Current

D. Account Maintenance Charge
1. Zero for Current
2. Applicable to current accounts only on customer induced transactions.

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Nurudeen Olaitan is a Linguist, Teacher, and Adventurer. He is Passionate about Sport, Travelling, Writing, & Politics. He puts Humanity above anyone or anything & hold Honesty and Integrity in high esteem.Reach him via nakata@newsliveng.com/ olaitanurudeen@gmail.com or @nurdeanO on Twitter

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