The Central Bank of Nigeria (CBN) has slashed charges for Automated Teller Machine (ATM) withdrawal and inter-bank transfers.
CBN's review of the charges was contained in its revised guidelines to charges by banks, other financial institutions and non-bank financial institutions.
ATM withdrawals that attract a service charge of N65 will now be N35 after the third withdrawal within the same month, according to the CBN. It also slashed the interbank transfers to a maximum of N50 per transaction from N300.
CBN has also amended guidelines to charges by banks, other financial institutions (OFIs), and non-bank financial institutions, the CBN has downward reviewed charges for electronic banking transactions and electronic banking transactions.
Chibuzor Efobi, the Director, Financial Policy and Regulation Department, in a circular, said the review was in response to "further evolution in the financial industry in the last few years."
CBN said the reviewed guidelines include a review of other bank charges to comply with market changes.
The new guideline also contains sections of accountability, responsibility, and sanction regime to directly address instances of excessive unapproved, (arbitrary) charges, CBN said.
CBN notes that the Standing Order charge for intra-bank will be free instead of the N300 contained in the 2017 guideline.
Bills Payment (including bills payment through other e-channels) is negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200, or 0.75 percent for a biller or merchant to pay.
Electronic funds transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for the transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.
Withdrawals on other banks' ATMs have been reduced from N65 to N35 after the third withdrawal within the same month.
The CBN also reduced ATM bill payments from N100 to N50. Debit card maintenance charges that were N100/month have been removed in the new guideline.