List Of Approved Bank Charges in Nigeria By CBN

List Of Approved Bank Charges in Nigeria By CBN

It’s no longer news that Commercial banks charges a fee for every transaction service they provide which you might not even be aware of as we will be walking you through the full list of bank charges permitted by the Central Bank of Nigeria (CBN).

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About CBN Bank Charges

Bank Charges are fees that are deducted by Commercial banks from their customer’s accounts whenever they make a transaction.

On January 1st, 2020, the new Central Bank of Nigeria (CBN) regime of banking charges on customers for services supplied went into effect which one of the banking charges introduced by the apex bank was a deduction of withdrawal fee whenever a customer makes a third withdrawal from an Automated Teller Machine (ATM) inside the same month.

There are other bank fees which are deducted from savings account and current account holders in Nigeria which we will be walking through below but Before we move further let’s look at the new CBN approved bank charges.

Full View Of The New CBN Approved Bank Charges

Below is the new Central Bank of Nigeria (CBN) approved charges for all commercial banks in Nigeria

1. As a result of the new CBN guide, transactions below ₦5,000 would incur a maximum fee of ₦10; transfers between ₦5000 and ₦50,000 will attract a charge of ₦25; and transfers beyond ₦50,000 will receive a charge of ₦50.

2. The present account card maintenance cost has been eliminated because the accounts already have an account maintenance fee. Savings accounts will now be charged a card maintenance cost of ₦50 every quarter, rather than ₦50 every month.

3. The annual card maintenance cost for cards denominated in foreign currency (FCY) has been decreased from $20 to $10.

4. After the third withdrawal within a month, ATM fees are lowered to ₦35 from ₦65.

5. The charge for a hardware token will be based on cost recovery and will be capped at ₦2,500, down from the previous maximum charge of ₦3,500.

6. Fees for required SMS alerts will be based on a cost-recovery model, with a maximum price of ₦4 in place previously.

7. Payment of bills via e-channels will incur a maximum charge of ₦500, based on 0.75 percent of the transaction value up to ₦1,200.

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Full List Of Approved Bank Charges in Nigeria By CBN 2022

Below is the full list of approved bank charges in Nigeria by Central Bank of Nigeria (CBN):

INTERNET BANKING

• Hardware Token — There is a maximum charge of ₦2,500 for cost recovery.
• There is no payment for the Software Token – One-Time Password (OTP). Charges will be based on a cost recovery basis if the OTP is delivered to the customer through SMS.
• Replacement of hardware tokens — Cost recovery is limited to ₦2,500. Only in the event of physical damage, token loss, or replacement after expiration will the customer be charged.
• Payment of bills (including payments made through other E-channels) – Negotiable and limited to ₦500 per beneficiary payable by the sender.

CURRENT ACCOUNT MAINTENANCE FEE (CAMF)

• Exclusively applicable to current accounts for customer-initiated debit transactions to third parties and debit transfers/lodgments to the customer’s account in some other bank. It should be noted that CAMF does not apply to Savings Accounts.
• The charge is negotiable, but it cannot exceed ₦1 per mille.

ELECTRONIC FUNDS TRANSFER

The fees accrued for electronic fund transfers include:

• Below ₦5,000 – ₦10
• ₦5,001 – ₦50,000 – ₦25
• Above ₦50,000 – ₦50

CARD MAINTENANCE

• Foreign Currency Debit/Credit Cards — $10 per year (or its equivalent)
• Naira Debit/Credit Cards:
  • Cards linked to the current account- No charge
  • A maximum of ₦50 per quarter is charged for cards linked to savings accounts.

CREDIT CARD CHARGES

• Fee for issuing a credit card — ₦1,000 (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card).
• Fee for reissuing for lost or damaged cards (at the customer’s request) — ₦1,000 (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card)
• Renewal Fee — ₦1,000 (when existing cards expire) (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card)
• Interest Rates — They Can Be Negotiated