CBN cuts Banks’ ATM charge to N35. The Central Bank of Nigeria https://www.cbn.gov.ng/ has directed deposit money banks (DMBs) to reduce automatic teller machine (ATM) charges to N35 from N65 effectively from January 1st, 2020.
The amount is expected to apply on third withdrawal within the same month from other bank’s ATM.
In its revised guide to charges by banks, other financial and non-bank financial institutions, CBN directs that implementation should begin on the first day in January 2020.
The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.
The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.
The apex bank also removed Card Maintenance Fee on all cards linked to current accounts.
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As part of its new directive, the CBN also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.
The guidelines however pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The CBN warned operators to ensure full compliance to the new guidelines adding that any banks that violate the provisions of the guidelines would be sanctioned.
CBN stated that financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.
”Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”, CBN stated in the directive.
