The Central Bank of Nigeria (CBN) has reduced charges for electronic banking transactions. The review was contained in its revised guidelines to charges by Banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions.
A circular by Chibuzor Efobi for the Director, Financial Policy and Regulation Department, explained that the review was in response to “further evolution in the financial industry in the last few years.” According to the CBN, the new guidelines included review of other bank charges to align with market developments.
The revised guidelines, the CBN, noted, took effect from January 1 and comprised inclusion of new sections on accountability/responsibility and a sanction regime to directly address instances of excess unapproved, (arbitrary) charges. The guide, the CBN added, provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under its purview.
The circular explained that the guide was first released in 2004 and revised in 2013 and 2017 due to market developments such as new innovations in products and channels, as well as new industry participants.
The new guide includes among others:
- Downward review of charges for electronic banking transactions
- Review of other bank charges to align with market developments
- Inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
- The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.
