CBN set to introduce new charges on ATM cards and cheques

According to multiple online sources, the Central Bank of Nigeria (CBN) has revealed that it is currently reviewing the extant Guide to Bank Charge, which came into effect on April 1, 2013. It has proposed a N100 monthly charge on every ATM card in the country.

This is apart from the existing N65 charge after the 3rd withdrawal within the same month. A monthly maintenance fee of N100 was also proposed every month for a naira dominated debit card when used, and a N50 charge for other months when the card is used or not.

N4,200-per-annum charge is also proposed on foreign currency denominated cards as maintenance fee. A N50 charge is also proposed on every cheque leaflet obtained and used at the deposit money bank’s counter. This is apart from the collection charge on cheques, which is also proposed to be 1% of cheque value or Naira equivalent of US $10 whichever is lower.

To achieve this, the CBN, at the weekend, issued an exposure draft for information and comments from stakeholders in a circular to banks and other financial institutions in this regard signed by Kelvin Amugo, Director, Financial Policy and Regulation Department, CBN.

The CBN noted that wide consultations with relevant stakeholders were considered in arriving at the charges prescribed in the Guide intended to enhance flexibility, transparency and competition in the Nigerian economy.


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