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Wednesday, March 16, 2016

CBN to Introduce New Charges on ATM Cards in Nigeria

The Central Bank of Nigeria has proposed a N100-per-month charge on every debit card (your typical ATM card) in Nigeria.

This is separate from the existing N65 charge after the third withdrawal within the same month.

For naira dominated cards, a monthly maintenance fee of N100 was also proposed for every month a debit card is used, and a N50 charge for other months when card is used or not.

In its draft on the “guide to charges for banks and other financial institutions in Nigeria”, apex bank also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee.

The central bank also added that Nigerians could send in their comments on the proposed charges, seeking clarification and notifying the bank on excluded financial institutions.

“Kindly send hard copies of your comments by March 29, 2016 to the director, financial policy and regulation department with soft copies mailed to gbcreview@cbn.gov.ng," the bank added.

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