Cbn Commences Review Of Guide To Bank Charges


BEVERLY HILLS, March 13, (THEWILL) – The Central Bank of Nigeria (CBN) has revealed that it is currently reviewing the extant Guide to Bank Charge, which came into effect on April 1, 2013.

The periodic review is carried out in order to ensure that the provisions of the guide is in tandem with the current realities and seeks to address complaints from consumers of financial services, request for clarification on the provisions of the guide and absence of tariff regime for other financial institutions.

To achieve this, the CBN, at the weekend, issued an exposure draft for information and comments from stakeholders in circular to banks and other financial institutions in this regard signed by Kelvin Amugo, Director, Financial Policy and Regulation Department, CBN.

As contained in the exposure draft, the rate for electronic funds transfer of N10 million is N60, as against N105 charged by deposit money banks.

The debit card issuing fee is now attracts a one-off charge of N1,000, while debit card maintenance charges is N50 monthly, while annual maintenance fee for foreign currency dominated card is N4,200 per annum.

The CBN noted that wide consultations with relevant stakeholders were considered in arriving at the charges prescribed in the Guide intended to enhance flexibility, transparency and competition in the Nigerian economy.

According to the CBN, where a charge is stipulated as “negotiable,” DMBs and OFIs are required to appropriately draw the attention of their customers to its consequence and the two parties should mutually agree on the applicable interest and charge adding that all commissions, charges and rates stated in this Guide were subject to relevant taxes.

“Although the Guide provides for charges on various products and services of DMBs and OFIs, it is not exhaustive. Banks and OFIs are mandated to present any new product, service and charge(s) not covered by this Guide to the Central Bank of Nigeria for prior approval,” it noted.

Story by David Oputah