CBN Reviews Downward Bank Charges on Electronic Banking Transactions in its Revised Guide

Friday, January 28, 2022 / 11:38 AM / by CBN / Header Image Credit: The Journal

The Guide to Bank Charges issued by the Central Bank of Nigeria (CBN) provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under its purview. The Guide which was first released in 2004, was revised in 2013 and 2017 in the light of market developments, such as new innovations in products and/or channels and new industry participants.

In the same vein, the CBN hereby issues a revised "Guide to Charges by Banks, Other Financial & Non-Bank Financial Institutions" in response to further evolution in the financial industry over the last few years.

The new Guide includes, amongst others:

• Downward review of charges for electronic banking transactions;
• Review of other bank charges to align with market developments; and
• Inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.

The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.

Download Here - Revised Guide to Banks, OFIs and Non-Bank Financial Institutions PDF Document

Other Relevant CBN Circulars

1.     Court Dismisses Case Against CBN's Directives on Bank Charges - Feb 10, 2021

2.    CBN Issues Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019

3. CBN Approves Charges On Withdrawals And Deposits; Unbundles Charges on Electronic Merchants - Sep 18, 2019

4.    CBN Amends Guide To Charges By Banks And Other Financial Institutions In Nigeria - Sep 10, 2019

5.   Guide To Bank Charges Circular To All Banks, OFIs And Mobile Payments Operators - 2017 - Apr 2017

Related News/Links on Bank Charges By Proshare

1.       Bank Charges: Role, Responsibilities and Rights - Jul 27, 2017

2.      VIDEO: The Role of Government Is To Protect Consumers - Sola Salako - Jun 13, 2017

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