Customers laud CBN’s move to slash bank charges

Banks customers on Monday commended the Central Bank of Nigeria (CBN) for its move to slash various bank charges.

A cross-section of customers, who spoke with News Agency of Nigeria (NAN) in Abuja on Monday, described the development as being in the right direction.

NAN reports that on Sunday the apex bank, in new guidelines, announced the downward review of most charges and fees for banking services, other financial and non-bank financial institutions, with effect from Jan. 1, 2020.

READ ALSO: CBN slashes electronic transfer, ATM withdrawal charges

Among the charges, 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 attracts N50 charge.

Previously, bank customers pay N50 charges 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.

A bank customer, Mr. James Onumah told NAN that the CBN’s directive was a New Year gift to bank customers.

Onumah said most Nigerian banks were still characterised with inefficiency, yet they charge customers for services not provided.

He said that the withdrawal charge of N65 after three withdrawals in other banks in a month was exploitative.

Mrs. Hadiza Maikarfi said the announcement was a piece of cheering news for her at the weekend.

Maikarfi said various bank charges, before the reduction, were too high for customers like her to bear.

She urged the apex bank to still review the charges downward.

According to her, these charges can discourage people from getting involved in financial services, thereby affecting financial inclusion that is being promoted by the CBN.

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Sani Nura, another bank customer, urged CBN to supervise banks to ensure the directive was implemented fully.

Nura added that the bank’s charges reduction by the apex bank was timely due to the current hardship being experienced by the citizens.

Funke Akin told NAN that she had been celebrating over the reduction as announced by CBN.

Akin said she was particularly happy over the removal of card maintenance charges, adding that she never understood the essence of such charges.


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