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Banks customers on
Monday commended the Central Bank of Nigeria (CBN) for its move to slash
various bank charges. A cross-section of customers, who spoke with News Agency
of Nigeria (NAN) in Abuja on Monday, described the development as being in the
right direction.
NAN reports that on Sunday the apex bank, in
new guidelines, announced the downward review of most charges and fees for
banking services, other financial and non-bank financial institutions, with
effect from Jan. 1, 2020.
Among the charges, CBN said bank customers
would now pay N10 for electronic transfers below N5,000, and N25 for electronic
transfer between N5,000 and N50,000, adding that electronic transfer above
N50,000 attracts N50 charge. Previously, bank customers pay N50 charges for
electronic transfers below N500,000. The bank 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. A bank customer, Mr. James Onumah told NAN
that the CBN’s directive was a New Year gift to bank customers. Onumah said
most Nigerian banks were still characterised with inefficiency, yet they charge
customers for services not provided. He said that the withdrawal charge of N65
after three withdrawals in other banks in a month was exploitative. Mrs. Hadiza
Maikarfi said the announcement was a piece of cheering news for her at the
weekend. Maikarfi said various bank charges, before the reduction, were too
high for customers like her to bear. She urged the apex bank to still review
the charges downward. According to her, these charges can discourage people
from getting involved in financial services, thereby affecting financial
inclusion that is being promoted by the CBN.
Sani Nura, another bank customer, urged CBN to
supervise banks to ensure the directive was implemented fully. Nura added that
the bank’s charges reduction by the apex bank was timely due to the current
hardship being experienced by the citizens. Funke Akin told NAN that she had
been celebrating over the reduction as announced by CBN. Akin said she was
particularly happy over the removal of card maintenance charges, adding that
she never understood the essence of such charges.
Source: Vanguard