CBN Approves List of Charges As Top Banks Debit Over N755bn From Customers' Accounts in 2023

• The rise in electronic transactions in Nigeria has helped tier-1 commercial banks record huge revenue from charges
• The charges include account maintenance fees and electronic charges, which include ATMs and mobile transfer
• Bill payment via e-channels attracts a maximum charge of N500 from 0.75% of the transaction value

Nigerian tier-1 banks have recorded N755.61 billion in fees and commission income charged to their customers during the nine months of 2023.

This represents a 30.50% increase from N579.01 recorded from the exact charges in the corresponding period of 2022.

Fees and commissions are charges debited from customer accounts for transactions and services rendered.

These charges include account maintenance, ATM withdrawal, and transfer fees, among others.

Read also

“No More N757/$:” Cost of cars, other imported items to rise as customs hikes FX rates for duties collection

Breakdown of fees and commission charges

The banks surveyed include First Bank, United Bank for Africa, Guaranty Trust Holding Company, Access Bank, and Zenith Bank.

According to BusinessDay report, out of the the total amount the banks generated from fees and commission, account maintenance charges was N102.96 billion.

The Central Bank of Nigeria (CBN) said the account maintenance fees are charged on current accounts only regarding customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank.

List of 5 charges approved by CBN

Here is a breakdown of charges approved by the CBN.

Read also

No more N770/$: Nigeria Customs announces new exchange rate for importers to clear goods at port

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 N35 within the same month.

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.

For more, check here.

10 banks deposit over N150bn in taxes to government account

Legit.ng earlier reported ten commercial banks operating in the country contributed over N155 billion in income tax payments to the coffers of the federal government of Nigeria for 2022.

Read also

No more N900/$: Naira falls against dollar, pound, euro at official market, worsens in black markets

The amount marks a significant increase of 33.50% from the N116.54 billion paid by the banks during the previous fiscal year, as reported by their financial statements submitted to the Nigerian exchange.

The ten banks that made the list include Zenith Bank, GTCO, UBA, Stanbic IBTC Holdings, FCMB, Fidelity Bank, Sterling Bank, Wema Bank, Unity Bank, and Jaiz Bank.

Source: Legit.ng