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CBN Slashes Bank Transfer Fees

ONews by ONews
April 20, 2020
in News

The Central Bank of Nigeria, CBN, has announced some major changes on financial services bore by customers in a bid to encourage financial inclusion and reduce the burden of bank charges on consumers.

With the update, customers will now pay ₦10 for electronic transfers below ₦5,000 and the withdrawal fee charged for the use of other banks’ Automated Teller Machines from ₦65 to ₦35.

Other reductions include ₦25 for electronic transfer between ₦5,000 and ₦50,000 while only electronic transfer above ₦50,000 will attract ₦50 charge.

The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions will however take effect on January 1, 2020.

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