The Central Bank of Nigeria (CBN), in its bid to ensure that customers are not taken advantage of by desperate bankers, at the weekend published Sections of its guide to bank charges and Other Financial Institutions in Nigeria.
The guideline, for example in Part 1, Section 10, titled Electronic Banking, fixed electronic funds transfer, whether below or above N10m at N50 only; while Real Time Gross Settlement (RTGS), an electronic form of funds transfer where the transmission takes place on a real-time basis, was pegged at N550.
Customers whose cheques are returned due to the account being unfunded are now to pay 1% of the value of the cheque, or N5,000, whichever is higher to be borne by the drawer only, without prejudice to the Dud Cheque Act. Returned cheques due to other reasons will, however, be at no charge.
Special request for a statement of account shall attract N20 fee per page, while mandatory monthly issuance on current and savings accounts will attract no charge.
Counter cheques will now also cost N50 per leaflet; bank draft for current account customers is also pegged at N300 and N500 for savings account holders, while non-customers shall pay N500 plus 0.1% of the Draft value.
Charge payable by non-account holders for initiating cash transactions like local money transfer, prepaid card loading, subject to a maximum daily limit of N20,000, is set at N200 flat, even as banks are enjoined to undertake Know-Your-Customer due diligence on such customers.
Other rates include internet banking hardware token, which is subject to a maximum charge of N3,500; while software token- One Time Password (OTP) will be at no charge to the customer.
“However, where the OTP is sent to the customer via SMS, a charge of not more than N4/SMS shall apply,” the apex bank added.
To replace hardware token, the CBN has set the rate at N3,500, with the customer bearing cost only in the event of physical damage, loss of token or replacement after expiration.
For bills payment, including through other electronic channels, a 0.75% charge of transaction value, but more than N1,200 shall apply.
Also, foreign currency-denominated debit/credit cards shall attract $20 per annum card maintenance fee or its equivalent; the Naira variant will be at N50 monthly; while credit card issuance fee was pegged at N1,000 in one-off charge, irrespective of card type, whether regular or premium.
The same rate shall apply, in the case of replacement at the customer’s instance for lost or damaged cards; renewal fee for expired existing cards; the fee for issuance, lost/damaged, or expired debit cards.
Charges for cash withdrawals from automated teller machines and SMS alert remain unchanged.
Still, on alerts, the guideline requires that “all associated notifications relating to a particular transaction should be consolidated into a single SMS alert.”
The CBN also limited bank charges on bulk payments like salaries and dividends at a maximum of N50 per beneficiary payable by the sender, even as the rate is negotiable.