Jennifer Y Omiloli
Yesterday, the Central Bank of Nigeria (CBN) reduced all bank charges, some of which were lowered by more than 50%, with effect from 1 January 2020.
The decision, which came in the midst of public outcry against multiplicity and volume of charges, aims, according to the apex bank, to make financial services more accessible and affordable to different economic stakeholders.
The fees and charges reviewed for banking services are included in the new “Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions,” which is now replacing the 2017 version.
The CBN said the new charges were “arrived at after extensive consultations with stakeholders and the action is expected to enhance flexibility, transparency, and competition in the Nigerian banking industry.”
The guide offers a fine of N2million per violation or as may be decided by the CBN as a guard against banks and other financial institutions ‘ excess, unapproved or unreasonable charges.
