December 24, 2019

CBN’s downward review of charges will enhance financial inclusion — expert



Mr. Godwin Eohoi, an economic expert says the downward review of bank charges by the Central Bank of Nigeria (CBN) will further enhance financial inclusion in the country.

Eohoi said this in Abuja on Monday while reacting to the new guidelines released by CBN where it slashed most bank’s charges.

NAN reports that on Sunday the apex bank, in a new guideline, announced a downward review of most charges and fees for banking services with effect from Jan. 1, 2020.

The CBN said bank customers would now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000, adding that electronic transfer above N50,000 will attract an N50 charge.

READ ALSO: Bank customers in Kano laud CBN for reviewing bank charges

Previously, bank customers pay N50 for electronic transfers below N500,000.

The bank also slashed charges for cash withdrawal via other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from N65.

Eohoi, also Registrar, Institute of Finance and Control of Nigeria (IFCN) said the development would encourage more Nigerians to put their money in banks.

According to him, a lot of people are skeptical to open a bank account because of charges.

“With this development, I strongly believe that so many people who ran away because of bank charges will return.

“I am so excited with this reduction, this means, the CBN Governor, Mr. Godwin Emefiele has listening ears, understands the yearning of people and heeds to the outcry of Nigerians over the charges.

READ ALSO: Customers laud CBN’s move to slash bank charges

“This is a new year gift for bank’s customers and it is a welcome development,” he said.

The expert urged the apex bank to ensure enforcement for the banks to strictly comply with the directive for the people to enjoy the benefits of this downward review of charges.

Eohoi said he was particularly excited about the removal of card maintenance charges adding that such charges were uncalled for as they were not needed.