CBN Releases Full List of Approved Charges for Access, UBA, Other Banks Savings and Current Accounts

• CBN has published a full list of approved charges for savings and current accounts across Nigerian banks
• The charges covered services such as transfers, withdrawals, card maintenance, and electronic banking fees
• The move aims to promote transparency and consumer protection to avoid excessive charges in the financial sector

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

The Central Bank of Nigeria has shared the list of approved bank charges for commercial banks and other financial institutions.

The document titled the guide to charges by banks, and oher financial and non-bank financial institutions instructed that transaction receipt/alert/confirmation for any charge shall contain a description of the charge.

Checks by Legit.ng show that banks impose various charges on their customers, including transfer fees, account maintenance fees, and ATM withdrawal fees.

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List of charges approved by CBN

Here is a snapshot of charges approved by the CBN.

Electronic funds transfer

For electronic transfer, it is N50 for transactions above N50,000, N25 for N5,000 – N50,000 and N10 charge for below N5,000.

Automatic Teller Machines (ATM)

The charge on ATM withdrawals from other banks’ ATMs is N100 per withdrawal of N20,000 or less.

Card maintenance fee for naira debit/credit cards

Naira debit or credit cards linked to savings accounts attract a maximum N50 quarterly maintenance fee, while foreign currency-denominated debit/credit cards attract $10 from $20.

Naira debit /card charges

The issuance fee for these cards is N1,000 (one-off charge), irrespective of the regular or premium card type. The same charge applies for a replacement or renewal.

Statement of account

Special Request for Statement of Account (Request made in a manner other than the agreed mandatory issuance) will attract a fee of N20.

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Cash withdrawal charges

For individual accounts, cash deposits attract a 2% charge on transactions above N500,000, while cash withdrawals attract a 3% charge on amounts exceeding N500,000.

For corporate accounts, cash deposits attract a 3% charge on transactions above N3,000,000, while cash withdrawals attract a 5% charge on amounts exceeding N3,000,000.

CBN to sanction banks

Banks that charge above the outlined rates or introduce new charges without the CBN’s consent will be fined.

CBN said:

"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.

"ii. Where a bank is found to have wrongfully imposed a particular charge on its customers, the provision of Section (i) above shall apply to the charge imposed on each customer.

"iii. Failure to comply with the CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with."

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Active bank accounts in Nigeria increase

Ealier, Legit.ng reported that NIBSS has revealed that Nigeria witnessed a 17.5 million increase in active bank accounts last year.

These new accounts were opened between December 2021 and December 2022 as banks heavily leveraged technology.

Opay, and Moinepoint, among several other financial technology companies, have contributed to this growth.

Source: Legit.ng