What Bank Customers Say About New Bank Charges

CBN news

CBN headquarters (Image: Guardian Nigeria)

Bank customers in Kano on Monday commended the Central Bank of Nigeria (CBN) for reviewing downward its policy on bank charges on Sunday.

Concise News reports that some of the customers who spoke to the NAN on Monday in Kano, expressed happiness over the announcement of the policy.

Malam Usman Baffa, a trader at Kwari market in the metropolis, said that the previous charges were indeed not favourable, but they could not help the situation.

Mrs Amina Usman, a civil servant in Kano, also said that salary earners have suffered long queues to withdraw from their mother banks to avoid excess charges.

She explained that although the charges were in bits, but they accumulated when many withdrawals were made.

Another trader, Muhammad DanAli, also commended CBN for reducing the charges “at a time when people are in difficult financial state.”

He added that: “A difference of N30 from a single transaction isn’t a joke. We are grateful for the reduction. We earlier assumed and complained that many policies favoured the banks.”

The CBN on Sunday released a revised guidelines to Bank charges, mandating banks to charge N35 for cash withdrawals from other banks’ Automated Teller Machines (ATMs).

This represents a reduction of N30 from previous N65 after a third withdrawal within a month.

CBN’s downward review of charges will enhance financial inclusion – expert

In related news, Godwin Eohoi, an economic expert says the downward review of bank charges by the Central Bank of Nigeria (CBN) will further enhance financial inclusion in the country.

Eohoi said this in Abuja on Monday while reacting to the new guidelines released by CBN where it slashed most bank’s charges.

The apex bank, in a new guideline, announced downward review of most charges and fees for banking services with effect from January 1, 2020.

The CBN said bank customers would now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000, adding that electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 for electronic transfers below N500,000.

The bank also slashed charges for cash withdrawal via other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from N65.

Eohoi, also Registrar, Institute of Finance and Control of Nigeria (IFCN) said the development would encourage more Nigerians to put their money in banks.

According to him, a lot of people are sceptical to open bank account because of charges.

“With this development, I strongly believe that so many people who ran away because of bank charges will return.

“I am so exited with this reduction, this means, the CBN Governor, Godwin Emefiele has listening ears, understands the yearning of people and heeds to the outcry of Nigerians over the charges.

“This is a new year gift for bank’s customers and it is a welcome development,” he said.

The expert urged the apex bank to ensure enforcement for the banks to strictly comply with the directive for the people to enjoy the benefits of this downward review of charges.

Eohoi said he was particularly excited on the removal of card maintenance charges adding that such charges were uncalled for as they were not needed.

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Ridwan is a pragmatic, diligent, adventurous, hardworking and success-oriented Mass Communication graduate. He has a strong drive to see things through to completion.

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