The Central Bank of Nigeria (CBN) has announced a downward revision of fees for electronic banking transactions in its revised guidelines for fees from banks, other official institutions (OFIs) and non-bank official institutions.
A circular, to the Director of the Department of Official Policy and Regulation, indicated that the review was in response to “further evolution in the official industry in recent years.”
The main bank stated that the new guidance included the review of other bank charges to align with market developments.
He stated that he also understood the inclusion of new sections on accountability/responsibility and a sanctions regime to directly address cases of unapproved (arbitrary) excess charges.
He added that the revised guidelines became effective January 1.
The Nigerian News Agency reports that the CBN is mandated to publish the bank charge guide.
The guide provides a basis for the application of charges on various products and services offered by other regulated institutions under the control of the main bank.
The guide was first published in 2004 and revised in 2013 and 2017 due to market developments, such as product and channel innovations, as well as new industry entrants.
NAN
