CBN Slashes Bank Transfer Fees

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.