The Central Bank of Nigeria (CBN) has announced a reduction in fees for electronic banking operations in its published guidelines to banks and other financial institutions.
The review was prompted by “further evolution in the financial industry in the last few years,” according to the bank.
The amended guideline, which was first published in 2004 and revised in 2013, 2017, and 2020, was signed by Chibuzor Efobi, Director of the CBN’s Financial Policy and Regulation Department.
According to the apex bank, the guideline applies to charges made by banks, both financial and non-financial, under its license or regulation.
According to the document, the CBN has reduced the fees for certain transactions such as Standing Order Charge (In-Branch), ATM Managment Fees, Electronic Fund Transfers, and Bulk Payments, among others.
In the most recent release, the CBN stated that the standing Standing Order Charge for intra-bank transfers will be free, as opposed to the N300 in the 2017 guideline.
Bill Payment (Including Bill Payment via Other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from N1,200 or 0.75 percent for a biller or merchant to pay.
