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New Bank Charges – CBN New Guideline

The news about the new bank charges is probably the best news that comes with the festivities in Nigeria. The Central Bank of Nigeria as on Saturday, released a new guideline concerning charges on bank transactions. This new guideline is expected to take effect beginning from January 1, 2020.

What has Changed in the New Bank Charges?

Here is the breakdown of the changes, as disclosed by Mr. Isaac Okorafor, Director, Corporate Communications, CBN.

The #65 charge after three withdrawals on other bank ATM’s within a month has been reduced to #35
There will be no maintenance fee charged on Cards linked to current accounts
Card maintenance fee on savings accounts is limited to N50 per quarter
All transfers of amount up to N5,000 to other banks will attract a N10 charge
Transfer of amount between N5,001 to N50,000 will attract a N25 charge
Transfers of amount over N50,001 will attract a fee of N35
Reopening of savings, current or domiciliary accounts will be free

Putting CBN’s Decision in Perspective

Considering the trend in banking over the past few years, this development is a welcome idea for Nigerians. This is also expected to encourage a lot of swift banking, as many Nigerians have been complaining about the existing bank charges.

To show that the CBN means business with this new guideline, a fine of N2,000,000 has been placed for banks who do not adhere to the guidelines. Behind all these is a motive to make banking easier for Nigerian in the coming year 2020.

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People’s Pains Over the Old Bank Charges

Looking backwards for a moment, the complain of many has pointed that the old charges are a rip-off. Many say that a lot of banks are inefficient, yet they make crazy automated deductions in the name of charges. Could this be the reason why a lot of people hardly cheer up in banks? Maybe, and maybe not, but one’s can be ruined when you suddenly feel you’ve been cheated. Especially be an institution that is supposed to be helping you save your hard-earned money. Looks like the whole narrative is about to change in a bit.

As far as the banking sector is concerned, there is something big to look forward to in the coming year.