Do You Have a Bank Account in Nigeria? Read this-

Lamido Sanusi

Following the complaints by the general public on the increased rate of saving and withdrawing money from the various banks that are in Nigeria, Governor of Central Bank of Nigeria, Lamido Sanusi Lamido, through a circular passed yesterday, Thursday 28, said that starting from April 1st, 2013, there would be no more 100 monthly Automated Teller Machine (ATM) maintenance fees as deducted from customers account at the end of the month. 

That it would instead be N100 annually.

The circular titled, ‘Revised guide to bank charges,’ also said that instead of the N50 charged for Short Message Sending (SMS), alerting the customer of a credit or debit transaction by some banks would now be N4 per SMS as directed by Nigerian Communication Commission (NCC).

Here is part of what the statement read, “In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the guide in consultation with all the banks and discount houses, Bankers’ Committee, financial experts and also considered inputs received from other stakeholders to produce the revised guide to bank charges.”

“On electronic transfer, the bank said N70 would be charged on transactions below N500,000, while N100 should be charged on transactions between N500,000 and N1m. Transactions above N1m will attract a charge of N500.”  

Also that issuing fee of a debit card should not be more than N1,000, while international withdrawals per transaction on debit cards should be charged at N240 rather than N1,000 being currently charged by virtually all the banks.

CBN in a meeting in November, 2012, scrapped the N100 interbank charge on the use of ATM cards.

For more, see Punch newspaper.