Commercial banks in Nigeria have commenced the implementation of the reduced bank fees after the Central Bank of Nigeria (CBN) reviewed them last year.
First Bank disclosed its compliance in a notice on reduced charges on its electronic banking channels to customers.
It stated, “Following the CBN’s revised guide to charges by banks, other financial and non-bank financial institutions, charges on our electronic banking channels have been reviewed downwards and would take effect from 1 January, 2020.”
Fidelity Bank Plc also stated in a notice to its customers that “in line with the Central Bank of Nigeria’s directive to implement provisions in the revised guide to bank charges, we wish to inform you about the reduction in charges for the following transactions effective January 01, 2020.”
In furtherance of its quest to make financial services more accessible and affordable to various stakeholders in the economy, the CBN recently 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 Director, Corporate Communications at the CBN, Isaac Okorafor, explained some of the major highlights of the new guide on the bank charges to include the removal of card maintenance fee on all cards linked to current accounts.
The director said the CBN carried out the review of the guide, which also prescribed charges permissible for other financial institutions and non-bank financial institutions, in order to align with market developments.
