CBN introduces new monthly charge on ATM cards

Written by PeterPiper

The Central Bank of Nigeria (CBN) has proposed a N100 monthly charge on every debit card (ATM card) in the country. The new charge is separate from the existing N65 charge after the third withdrawal within the same month. A monthly maintenance fee of N100 was also proposed every month for a naira dominated debit card when used, and a N50 charge for other months when the card is used or not. In its draft on the “guide to charges for banks and other financial institutions in Nigeria”, CBN has also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee. The apex bank has also proposed a N50 charge on every cheque leaflet obtained and used at the deposit money bank’s counter, The Cable reports. This is not the same as the collection charge on cheques, which is also proposed to be “one percent of cheque value or Naira equivalent of US $10 whichever is lower”. The circular, signed by Kevin Amugo, director financial policy and regulation department, stated: “The Central Bank of Nigeria is currently reviewing the extant Guide to Bank Charges, which came into effect on April 1, 2013,” “The review, which is in line with the philosophy of periodically ensuring that the provisions of the guide accord with current realities, also seek to address complaints from customers of financial services, requests for clarification on provision of the guide and absence of a tariff regime for other financial institutions in Nigeria. “Kindly send hard copies of your comments by March 29, 2016 to the director, financial policy and regulation department with soft copies mailed to” The new charge is coming days after Nigerians protested excessive bank charges, declaring a ‘No Banking Day’ on Tuesday, March 1.

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