CBN Reduced Bank Charges to Pacify Customers, Says Emefiele - THISDAYLIVE

•ATM withdrawal, electronic banking, card maintenance charges, others slashedThe Central Bank of Nigeria Governor, Mr. Godwin Emefiele, yesterday explained that the banking sector regulator decided to review downward bank charges to ameliorate the pains of customers.

Other reductions include Advance Payment Guarantee which is now pegged at maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities. To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.

Shedding more light on the new bank charges, Emefiele said: “The CBN has been receiving commentaries by bank customers about bank charges. Normally, these charges are reviewed every five years. But this time, we decided that in order to assuage the feelings of bank customers, that we should review downward some charges.

“The same one-off charge of N1,000 applies for the replacement of debit cards at the customer’s instance for lost or damaged cards.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CBN reviews bank guidelines, slashes charges | The Guardian Nigeria News - Nigeria and World News“The guide also emphasised that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.” It's a lagging intervention towards liquidity. Best news of d year.kudos to CBN Don't mind cenbank with their fake policy, don't forget their threat on any banks that fails to refund unsuccessful transfer within 2hours... What's the status of that policy by now, any effect or sanction?
Source: GuardianNigeria - 🏆 1. / 94 Read more »

CBN Reduces Bank Charges - THISDAYLIVEBy Obinna Chima The Central Bank of Nigeria (CBN) has reviewed downward most charges and fees for banking services as contained in the new Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions, with effect from January 1, 2020. The banking sector regulator explained that the move was in furtherance of its quest …
Source: THISDAY LIVE - 🏆 14. / 51 Read more »