CBN slashes electronic transfer, ATM fees, others

The Central Bank of Nigeria (CBN) has slashed its electronic transfer, ATM and card maintenance fees.

The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN

The CBN said bank customers will now pay N10 for electronic transfers below N5,000, N25 for electronic transfer between N5,000 and N50,000, and N50 for electronic transfer above N50,000.

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Previously, bank customers pay N50 charge for electronic transfers below N500,000.

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The CBN also slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

Also, the CBN removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, among others.

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