Customers hail CBN for reducing electronic bank charges

Bank customers have commended the Central Bank of Nigeria (CBN) for reducing charges on electronic banking operations.

They spoke with our correspondent in separate interviews on Tuesday in Lagos.

They said that the reduction showed that the apex bank was listening to the plight of the people.

Mr Andy Kingsley, a graphic designer, said that the CBN’s swift action had earned it more trust.

“With this singular show of empathy on the people, I am happy. This has made me trust them more.”

“The CBN also did not just reduce the fees that banks used to extort from us, they have told us how to report any bank who over charge its customers,” Kingsley said.

Mr David Akpatre, a trader, also praised the apex bank and said that they had actually worked their talk.

“The CBN actually have reduced the charges because I intentionally went to the cash machine to check, to be sure they are not just reducing it on paper.”

“But you know my only worry is that the banks may find another way to take back these monies from customers.”

“If there is a way the CBN can monitor the banks and give strict supervision on these issues, I think it will help,” Akpatre said.

Mrs Philomena Nnaji, a teacher, expressed the hope that since CBN had the mandate to issue guidelines to banks that they would stop the excessive deductions on card maintenance.

My concern and those of other Nigerians have always been on excessive deduction always been excessive deductions by banks for card maintenance and electronic payments to double deductions of stipulated charges on daily and monthly basis.

“So, coming up with these guidelines will really check the banks,” she said.

Meanwhile, our correspondent, who monitored some of the Automated Teller Machines (ATMs) around Ikotun in Alimosho Local Government Council to withdraw cash, reports that most banks had effected the changes in their fees and customers could withdraw any amount they wanted.

The banks visited include First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, Ecobank and Access Bank.

The CBN recently slashed charges for Automated Teller Machine (ATM) withdrawal and inter-bank transfers.

CBN’s review of the charges was contained in its revised guidelines to charges by banks, other financial institutions and non-bank financial institutions.

It also slashed the interbank transfers to a maximum of N50 per transaction from N300.

CBN notes that the Standing Order charge for intra-bank will be free instead of the N300 contained in the 2017 guideline.

Bills Payment (including bills payment through other e-channels) is negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200, or 0.75 percent for a biller or merchant to pay.

Electronic funds transfer has also been reviewed downwards to N10 charge for a transaction below N5,000; N26 for the transaction of N5,001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMs have been reduced from N65 to N35 after the third withdrawal within the same month.