AYOMIDE AYANO
The Central Bank of Nigeria at the weekend released the exposure draft of the revised guide to bank charges upholding zero commission in turnover and the newly introduced N1 per mille maintenance fee.
Bank customers had protested the various charges being deducted from their accounts by banks, prompting the ‘No Banking Day’ which was observed on March 1, 2016.
The apex bank in a circular signed by the director, Financial Policy and Regulation Department, Kevin Amugo, said that the review is to ensure that the provisions of the guide accord with current realities.
“The review,” according to the CBN also, “seeks to address complaints from customers of financial services, requests for clarification on the provisions of the guide and absence of a tariff regime for other financial institutions in Nigeria.”
On the current account maintenance fee, the apex bank said that the charge will apply to customer-induced debit transactions on current accounts, adding that banks should not charge current account maintenance fee on returned outward clearing cheques, reversal of transactions, and all bank-induced debits. The exposure draft of the revised guide to bank charges proposes a N50 monthly local debit card maintenance fee per annum as against the current N100 per annum being charged while foreign currency denominated cards are to be charged N4,200 per annum.
Also, the electronic funds transfer charge was brought down to N60 for transactions below N10 million as against the current charge of N105 while transactions above N10 million are to be charged at N300 per transaction, and Real Time Gross Settlement (RTGS) is to cost N550 as commission on foreign currency cash withdrawals and withdrawals from domiciliary accounts other than cash.
The apex bank said that it is negotiable, subject to a maximum of 0.1 per cent of transaction value and subject to a maximum of a naira equivalent of $10.
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