Below is the brand new Central Bank of Nigeria (CBN) authorized costs for all business banks in Nigeria

Complete List Of Approved Bank Charges in Nigeria By CBN

1. As a results of the brand new CBN information, transactions under ₦5,000 would incur a most price of ₦10; transfers between ₦5000 and ₦50,000 will appeal to a cost of ₦25; and transfers past ₦50,000 will obtain a cost of ₦50.

2. The current account card upkeep value has been eradicated as a result of the accounts have already got an account upkeep price. Savings accounts will now be charged a card upkeep value of ₦50 each quarter, moderately than ₦50 each month.

3. The annual card upkeep value for playing cards denominated in international forex (FCY) has been decreased from $20 to $10.

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

5. The cost for a {hardware} token can be primarily based on value restoration and can be capped at ₦2,500, down from the earlier most cost of ₦3,500.

6. Fees for required SMS alerts can be primarily based on a cost-recovery mannequin, with a most value of ₦4 in place beforehand.

7. Payment of payments by way of e-channels will incur a most cost of ₦500, primarily based on 0.75 p.c of the transaction worth as much as ₦1,200.

You might also wish to learn How To Easily Access CBN AGSMEIS SME Loan

Full List Of Approved Bank Charges in Nigeria By CBN 2022

Below is the complete checklist of authorized financial institution costs in Nigeria by Central Bank of Nigeria (CBN):

INTERNET BANKING

Hardware Token — There is a most cost of ₦2,500 for value restoration.

There isn’t any cost for the Software Token – One-Time Password (OTP). Charges can be primarily based on a price restoration foundation if the OTP is delivered to the shopper by means of SMS.

Replacement of {hardware} tokens — Cost restoration is proscribed to ₦2,500. Only within the occasion of bodily harm, token loss, or alternative after expiration will the shopper be charged.

Payment of payments (together with funds made by means of different E-channels) – Negotiable and restricted to ₦500 per beneficiary payable by the sender.

CURRENT ACCOUNT MAINTENANCE FEE (CAMF)

Exclusively relevant to present accounts for customer-initiated debit transactions to 3rd events and debit transfers/lodgments to the shopper’s account in another financial institution. It needs to be famous that CAMF doesn’t apply to Savings Accounts.

The cost is negotiable, but it surely can’t exceed ₦1 per mille.

ELECTRONIC FUNDS TRANSFER

The charges accrued for digital fund transfers embody:

Below ₦5,000 – ₦10

₦5,001 – ₦50,000 – ₦25

Above ₦50,000 – ₦50

CARD MAINTENANCE

Foreign Currency Debit/Credit Cards — $10 per yr (or its equal)

Naira Debit/Credit Cards:

Cards linked to the present account- No cost

A most of ₦50 per quarter is charged for playing cards linked to financial savings accounts.

CREDIT CARD CHARGES

Fee for issuing a bank card — ₦1,000 (one-off cost). Regardless of the kind of card used, the cost is similar (i.e. common or premium card).

Fee for reissuing for misplaced or broken playing cards (on the buyer’s request) — ₦1,000 (one-off cost). Regardless of the kind of card used, the cost is similar (i.e. common or premium card)

Renewal Fee — ₦1,000 (when present playing cards expire) (one-off cost). Regardless of the kind of card used, the

 cost is similar (i.e. common or premium card)

This post was originally published on June 1, 2022.

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