CBN Guideline To Bank Charges 2022– The CBN guideline to bank charges 2022 published by the Central Bank of Nigeria (CBN) provides a basis for the application of fees to various products and services offered by banks and other regulated institutions under their jurisdiction.
Several Nigerians have complained about multiple bank charges for transferring money being debited from their accounts.
Over the weekend, some bank users took to Twitter to report charges debited from their accounts. One customer even complained about deductions from 2018.
In December 2019, the Central Bank of Nigeria (CBN) revised most fees and charges for banking services downwards in its updated CBN guideline to bank charges 2022, Other Financial and Non-Banking Financial Institutions, which came into effect on January 1, 2020.
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All You Need To Know About CBN Guideline to Bank Charges 2022
On April 1, 2020, the new regime of bank charges to customers for services of the Central Bank of Nigeria (CBN) came into effect. Just after the third withdrawal from an ATM in the same month, the major bank had urged banks to withhold withdrawal fees.
In addition to this fee, there are other deductions made to both savings account holders and current account holders in Nigeria. Most bank users have complained about high bank charges on their accounts and see this as theft by the financial institution and the CBN.
General Description of the New Banking Charges in Nigeria
Let’s take a look at the list of bank charges in Nigeria, approved by the Central Bank of Nigeria – CBN guideline to bank charges 2022:
As a result of the new CBN directive, transactions of less than 5,000 would entail a maximum compensation of 10; transfers between ₦5,000 and 50,000 will be charged ₦25, and transfers over ₦50,000 will be charged ₦50.
The payment account maintenance fee is eliminated because accounts already have a maintenance fee. Savings accounts are now charged a maintenance fee of 50 per quarter, instead of 50 per month.
The annual maintenance fee for foreign currency cards (FCY) has been reduced from $20 to $10. After your third withdrawal within 1 month, ATM fees will be reduced to between ₦65 and ₦35.
And then the fee for hardware tokens will be placed on cost recovery and will be placed at two thousand five hundred naira (₦2,500) which is lower than the previous amount charged (₦3,500).
While the costs for SMS alerts are based on an affordable model, with a price of ₦4 as determined above.
Electronic bill payment is subject to 500, based on a 0.75% transaction which is up to 1200
Approved List of Bank Charges in Nigeria by CBN 2022
The following is a complete CBN guideline to bank charges 2022 and a list of all bank charges approved by the Central Bank of Nigeria:
1. CAMF – Current Account Fees
The current maintenance fee is only applicable to current accounts for customer-initiated debit transactions to third parties and debit transfers/accommodations on the customer’s account with another bank. It should be noted that the Current Account Maintenance Fee does not apply to Savings Accounts.
Fees are negotiable, but cannot be more than ₦1 per thousand.
2. Internet Banking
Internet banking Hardware Token Replacement: Cost recovery is limited to ₦2,500. Only in case of physical damage, loss of the token, or replacement after the expiry of the validity period, the customer will be charged.
Hardware token: A maximum of two thousand five hundred naira, (₦2,500) will be charged based on fee recovery.
Payment of bills (including payments via other electronic channels): It is negotiable and limited to five hundred naira (₦500) per payee and at the sender’s expense.
There is no payment for Token (OTP) – OTP costs are based on cost recovery, i.e. if the OTP is sent to the customer by message (SMS).
3. EFT – Electronic Funds Transfer
CBN guideline to bank charges 2022 for Electronic Funds Transfer fees include:
- Over ₦50,000 – ₦50
- Below ₦5,000 – ₦10
- ₦5.001 – ₦50,000 – ₦25
4. Card Maintenance
- Foreign currency debit/credit cards: $10 per year (or its equivalent)
- Naira debit/credit cards:
- Cards linked to the current account – No fees
- Cards linked to savings accounts will be charged a maximum of ₦ 50 per quarter.
5. Credit Card Fees
Credit card issuance commission — 1,000 (one-time). Regardless of the type of card used, the cost is the same (i.e. regular or premium card).
The Fee for the reissue of lost or damaged cards at the customer’s request is 1,000 Regardless of the type of card used, the cost is the same (i.e. regular or premium card)
Card renewal fee: ₦1,000 (when your cards expire). Regardless of the type of card used, the cost is the same (ie regular or premium card)
Interest rates: negotiable
Approved Fees for CBN Payment Cards
- Issue fee: 1,000 (one-off).
- The issuance of the card has the same price regardless of the type of card (ex. premium or regular)
- RemoteOnUs from another bank’s ATM, N35 after the customer withdrawal within the time limit.
- Replacement fee for lost or damaged cards – 1,000 (one-time fee).
- Whatever the type of card, the price is the same.
Renewal Fee (One-time payment): ₦1,000 when your cards expire. Regardless of the type of card used, the cost is the same (ie regular or premium card)
1. Prepaid Card
There is no loading and unloading price.
- ATM transactions
- On-Us (pick up at an ATM of the issuing bank) — No charge
- Not On-Us (withdrawal from another bank’s ATM) in Nigeria: ₦35 just after the third withdrawal in the same month
- Withdrawals from other countries (for exact costs per international acquirer)
2. Commercial Services Committee (MSC)
General merchant (including domestic, international travel, and entertainment): 0.50% of the transaction amount, (a transaction that is not beyond ₦1,000).
Mass payments (eg salaries, dividends, etc.
Issue of Account Statement
- Monthly statements for current and savings accounts are mandatory and free.
- Request a special account statement (request in a way other than the agreed compulsory deposit): ₦ 20 per page maximum
1. Transaction Notifications
SMS alert (mandatory): If a customer chooses not to receive SMS alerts, the consumer must compensate the bank (for any damage that may arise as a result).
- Cost recovery (on customer-induced transactions): No fees (for bank-induced transactions)
- Receiving an email notification is free. (No fee apply)
2. Others
- There is no cost to reissue a PIN.
- Resetting your PIN is free.
- The use of the USSD code is subject to applicable PIN charges.
- Buy with 100 cashback for ₦20,000 spent, with a daily withdrawal limit of ₦60,000.
- Reactivating an account is free.
- No account closing commission (savings, current, and domiciliary account).
What Happens If Your Bank Violates Any Of The Terms?
The fascinating aspect of the new CBN guideline to bank charges 2022 is that any default by Nigerian banks will result in a payment of ₦2 million from the banks. Following the new instructions, the CBN has announced that any financial institution that violates any of the terms of the new directive will be fined ₦ 2 million per violation, or as determined by the CBN guideline to bank charges 2022.
You can also submit a report from any bank to the Central Bank of Nigeria.
Thank you for reading our CBN guideline to bank charges 2022 till the end; leave your comments or experiences regarding bank charges.