Nigerian commercial banks normally charge a fee for every service. Most of these fees are charged, and customers are not aware of them. And most are aware of these charges. These charges are not intentional, but are permitted by the Central Bank of Nigeria(CBN).
CBN Bank Charges
The Central Bank of Nigeria (CBN) introduced new charges on customers services on November !st, 2020. They gave a go ahead for banks to deduct withdrawal fees. There are other fees implemented on account holders with current and savings accounts
CBN Approved Bank Charges
The new bank charges implemented by the CBN are as follows;
1) Transactions below ₦5,000 will attract a maximum fee of ₦10, transfers between ₦5,000 and ₦50,000 will attract a charge of ₦25; and transfers beyond ₦50,000 will receive a charge of ₦50.
2) Account card maintenance has been eliminated due to the fact that present accounts have maintenance fees. Savings accounts will be charged a card maintenance fee of ₦50 quarterly.
3) Annual card maintenance fee for cards denominated in foreign currency (FCY) has bee reduced to $10.
4) Third withdrawal in a month fees from ATM have been reduced from ₦65 to ₦35.
5) Charge for hardware token will depend on cost recovery and will be at a price of ₦2,500, down from the previous maximum charge of ₦3,500.
6) SMS alerts will depend on a cost recovery model, at a charge of ₦4.
7) Bill payment through e-channels will attract a charge of ₦500, based on 0.75 percent of the transaction value.
LIst of Bank Charges in Nigeria
Current Account Maintenance Fee (CAMF)
Current accounts of customers-initiated debit transactions of third parties and debit transfers on customers’ accounts do not apply to savings accounts. Charges will not exceed ₦1 per mile
1) Payment for Software Token One-Time-Password (OTP) charges will depend on a fee recovery, if the OTP is sent to the customer’s SMS.
2) There is a maximum fee of ₦2,500 for Hardware Token.
3) Replacement of hardware token will cost ₦2,500 max
4) payment of bills through E-channels are negotiable at ₦500 per beneficiary payable sender.
Electronic Funds Transfer
The fees for electronic fund transfer are as follows
1) ₦5,000-₦50,000 will cost ₦25.
2) Below ₦5,000 will cost ₦10.
3) Above ₦50,000 will cost ₦50.
1) Naira debit/credit card fees;
Cards linked to current accounts will not incur charges.
A maximum of ₦50 quarterly will be charged on cards linked to savings.
Credit Card Charges
1) Renewal fees of ₦1,000 on cards that expire on any type of card used.
2) Reissuing damaged or lost cards will incur a fee of ₦1,000 on any type of card.
3) issuing a credit card will cost ₦1,000 on any type of card.
Debit Card Charges
1) Issuance fee of ₦1,000 will be charged on any type of bank.
2) Remote-on-us from another ATM bank will be charged ₦35 after the third withdrawal.
3) Replacement Fees of lost or damaged cards will cost ₦1,000 on any type of charge.
POS Charges in Nigeria
POS agencies have their various charges for their services, below are their charges
Kolomoni POS charges 0.5% for withdrawal from ₦1,000-₦19,900, ₦30 for transfer and ₦100 for transfer of ₦2,000 and above.
Moniepoint POS charges 0.5% for withdrawal from ₦1,000-₦19,900, ₦100 from ₦20,000-₦100,000.
Kudi POS charges ₦25 for withdrawal of ₦45,000 and below, 0.6% from ₦25,000-₦45,000, ₦150 from ₦25,000-₦45,000 on transfers.
Baxi Box POS charges 0.65% withdrawals and ₦30 for transfers.
The above information on various charges on Bank and POS are the new charges for every transaction customers make, either on the internet or with an ATM card. One can take advantage of this information to know how to go about their transactions with their various banks.
See Us on Google on Your Next Search, Follow Us On Google News - VTU Script
=> Get Inside Info and Update, Join Our Telegram Channel<=Ads: Learn How To Get More Referrals And Make Money Online <=